• Monday, July 22, 2024
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Naira closes flat at official market as dollar sales decline by 17.84%

Naira loses across FX markets despite improved liquidity

The naira, Nigeria’s currency on Wednesday closed on a flat note with a marginal loss of 0.02 percent at the official foreign exchange (FX) market, following a decline in the dollar sales by market operators.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), FX trading resumed on Wednesday after a two-day holiday declared by the Federal Government. Consequently, after trading on Wednesday, the dollar was quoted at N1,483.02, slightly weaker than N1,482.72 quoted on Friday before the holidays.

This is despite increased FX inflow recorded in one month. About $5.95 billion inflows from the World Bank and Afreximbank entered into the Nigerian economy.

Read also: Naira trades flat on black market as dollar liquidity improves

According to the data released by FMDQ Securities Exchange Limited, the dollar sales by willing buyers and willing sellers declined by 17.84 percent to $150.73 million on Wednesday from $183.47 million recorded on Friday before the festive holidays.

The intraday high closed at N1,514.82 per dollar on Wednesday, weaker than N1,490/$ closed on Friday, while the intraday low steadied at N1,390 per dollar.

The naira, traded flat at N1,490 on the parallel market, popularly called the black market. When compared to last week’s rate of N1,495, the naira recorded a marginal gain of 0.33 percent per dollar on the black market.