• Saturday, July 13, 2024
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Naira falls across FX markets on rising demand for dollars

Abokifx shuts down on heavy load

Nigeria’s currency on Wednesday depreciated against the dollar at the official and parallel segments of the foreign exchange (FX) market, due to rising demand for the greenback.

Naira weakened by 1.07 percent as the dollar traded at N940 on Wednesday against N930 traded since last Friday at the parallel market, also known as black market.

Traders said on Wednesday that individuals and importers are buying up dollars for business travel, school fees, medical and tourism.

At the Investors’ and Exporters’ (I&E) forex window, Nigeria’s official FX market, naira fell by 2.16 percent as the dollar was quoted at N758.12 on Wednesday compared to N742.10/$1 quoted on Tuesday, data from the FMDQ indicated.

Read Naira gains as FX market liquidity improves

The daily FX market turnover increased by 11.62 percent to $42.26 million on Tuesday from $37.86 million recorded on Monday, data from the FMDQ showed.

During the FX market auction on Tuesday willing buyers and willing sellers, which include banks, the Central Bank of Nigeria (CBN) Exporters and investors maintained bids as high as N807.15, slightly lower than N804.15 per dollar on Monday and low bid of N738, which was weaker than N722.39/$1 on Monday.