Traders attributed the depreciation of the exchange rate to the forces of demand and supply. The price of Brent crude which has fallen to below $20 per barrel in March 2020, due to Covid-19 has improved to $40.88 per barrel as at June 8, 2020.
The market opened on Monday morning with an indicative rate of N387.46k, which represents marginal appreciation of N0.29k when compared with N387.75k traded on Friday, data from FMDQ indicated.
The daily turnover at the I&E window slumped by 87.01 percent to $14.66 million on Monday compared with $112.89 million recorded on Friday last week.
The foreign exchange market resume trading on Monday with Nigeria’s currency weakening by N5 as the dollar was trading at N450 compare with N445 traded on Friday at the black market.
At the retail bureau, naira remains stable at N450 to the dollar. Also at the official, Central Bank of Nigeria (CBN) window, the local currency was stable at N361.00k/$.
The cost of dollar is expected to drop when the CBN begins to sell dollar to the Bureau De Change (BDC) operators.
The CBN said on April 29, 2020 that it has made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.
The Federal Government on June 1, 2020 announced that airlines would resume operations on June 21.
