• Sunday, May 19, 2024
businessday logo

BusinessDay

Naira still stable as consumers anticipate appreciation next 12 months

Getting financially prepared for the 2023 elections

Nigeria’s currency on Friday remained stable at between N460 and N461 to the dollar on the black market as demand remained moderate.

However, with indices of 5.3 points, consumers anticipate the naira to appreciate in the next 12 months according to third quarter (Q3) 2020 Consumer Expectations Survey (CES) released on Friday by the Central Bank of Nigeria (CBN).

The foreign exchange market has been under pressure since March 2020 following a sharp drop in oil prices as a result of Covid-19 pandemic.

At the Bureau De Change (BDC) segment of the foreign exchange market, naira weakened by N1.00k as the dollar closed at N461 on Friday as against N460 on the previous day.

The local currency lost N0.33k on Friday as the dollar was quoted at N386.00k compared with N385.67k quoted on Wednesday before the holiday on Thursday, at the Investors and Exporters (I&E) forex window, data from FMDQ indicated.

Earlier, the market opened with an indicative rate of N386.63k on Friday, which represented N0.74k depreciation over N385.89k opened with on Wednesday.

The foreign exchange daily turnover declined by 47.32 percent to $73.01 million on Wednesday from $138.60 million recorded on Tuesday at the I&E window.