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Naira Bounces Back Stronger Across Forex Markets

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The naira has recovered in the foreign exchange market making gains against the U.S Dollar at both the parallel market (black market) and Investors and Exporters (1&E) window.

Brandnewsday reports that the local currency appreciated against the U.S dollar at the parallel market on Tuesday, 9 June 2020.

According to Abokifx, the naira appreciated to N448 to a dollar on Tuesday, June 9, 2020. This shows a gain of N2 when compared to the N450 to a dollar that was recorded on Monday.

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Meanwhile, the local currency gain in the black market can be linked to a drop in forex demand, especially by speculators.

In a similar vein, the naira appreciated against the dollar at the Investors and Exporters (I&E) window. The naira traded at N387.08 to a dollar on Tuesday, June 9, 2020, as against the N387.33 that it was exchanged for yesterday. This represents a gain of N0.25. The opening indicative rate of N385.95 represents a gain of N1.51 to a dollar when compared to the opening rate of N387.46 that was recorded the previous day.

A further look at information from FMDQ shows that there is an increase in daily turnover to $31.81 million as against the $14.66 million which was recorded the previous day. This represents a 117% increase in market turnover.

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The foreign exchange market has witnessed more stability with increased liquidity recently. This might be attributed to an increase in the price of oil which contributes about 90% to the country’s foreign exchange earnings and the $3.4 billion disbursements by IMF to the central bank of Nigeria.

READ: Investors, Importers Fight For Dollar, As Naira Falls To N454 To A Dollar

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