Nigerian foreign exchange market commenced activities this Wednesday morning with an indicative rate of N387.10k, signaling Naira appreciation by N0.53k to N387.10 per dollar compared to N387.63k opened with on Tuesday at the Investors and Exporters (I&E) forex window.
The market closed on Tuesday with the cost of the dollar unchanged at N386.94k at the I&E forex window.
The exchange rate at the black market was stable as the dollar traded at N445, the same as on the previous day as scarcity of the greenback persists. “Dollar is becoming scarce,” traders said.
Also the official rate at the Central Bank of Nigeria (CBN) has remained stable at N361.00 per dollar since the regulator adjusted its rate.
The Central Bank of Nigeria (CBN) on March 2020 adjusted the exchange rate from N360 to N380/US$ at the I&E window, to stem the pressure in the foreign exchange market. The Apex bank also adjusted its official rate from N306 to N360.
