Naira remains Stable against the Dollar on the Parallel Foreign Exchange Market

The naira remained stable against the dollar on the parallel foreign exchange market on Monday.

The naira exchange at N1,000 to a dollar, the same rate last Friday.

But the naira exchange rate drops on the Investors/Exporters window to N801.02 to a dollar on Monday against N776.14 last Friday.

Federal government says it is targeting an exchange rate of between N650 to N750 to a dollar before December 31.

Read Also:

United Arab Emirates Seizes Billion Dollar Amphetamine Haul

The naira remained stable against the dollar on the parallel market where it exchanged at N1000 on Monday, same amount it closed last Friday.

But on the Investors and Exporters’ (I&E) Forex Window, the naira closed at N809.02/$, slightly lower than the N776.14/$1 it closed on Friday.

However, intra-day trade from the data obtained by FMDQ showed that the highest spot rate exchanged was at N1100/$ while the lowest spot rate recorded was N720.50/$1.

The official I&E window reported a daily volume turnover of $87.65 million representing an 11.31 per cent decline compared to the $98.82 million, it recorded on Friday.

The Nigerian naira depreciates against the dollar on Monday, 6th November 2023, closing at N809.02/$1 at the official market. 

This represents a 4.06% increase from the N776.14/$1 recorded on Friday 3rd November day. 

The intraday high recorded was N1100/$1, while the intraday low was N720.50/$1, representing a wide spread of N379.50/$1. 

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $87.65 million, representing an 11.30% decrease compared to the previous day. 

However, on the black market where forex is sold unofficially, the exchange rate appreciated 16.18%, quoted at N1020/$1, while peer-to-peer traders quoted around N1063.50/$1.