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Exchange Rate Maintains Flat As Currency Traders Resume Operations

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Nigeria’s exchange rate remains stable against the US dollar, closing at N386/$1 throughout the trading day on Monday, Oct 26, Brandnewsday confirms.

According to the NAFEX window, the Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N386/$1.

Meanwhile, at the parallel market (Black Market or Aboki Exchange Rate) the naira continues to hold its stability against the US dollar, closing at N463/$1 Monday, October 26, 2020.

Daily trading activities resume fully as the Nigerian governments relaxed the curfew imposed in some states to avert the continuous spread of destruction and looting of private and public properties by some miscreants who hijacked #EndSARS protests.

Nigeria’s Exchange Rate: Naira To Dollar

As a corollary, businesses were closed as violence intensified in Lagos and some other states of the nation during a peaceful protest by the Nigerian youth demonstrated against a unit of the Nigeria Police Force (NPF) — special anti-robbery unit (SARS) and police brutality.

READ: #SWAT Vs #SARS: 6 Shocking Details About Newly Formed SWAT

Aboki Exchange Rate or Parallel market:

Meanwhile, the information made available on Abokifx – a prominent FX tracking website, revealed that the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N463/$1 on Monday. This was the same rate that it exchanged for on Friday, October 23.

  • The local currency had strengthened by about 7.8% within the one week in September at the black market, as the CBN introduced some measures targeted at exporters and importers, in order to try to boost the supply of dollars in the foreign exchange market, and reduce the high demand for forex by traders.
  • The CBN has sold over $500 million to BDCs since they resumed forex sales on Monday, September 7, 2020. This was expected to inject more liquidity to the retail end of the foreign exchange market and discourage hoarding and speculation.
  • However, the exchange rate against the dollar has remained volatile after the initial gains made, following the CBN’s resumption of sales of dollars to the BDCs.
  • The President of the Association of Bureau De Change Operators, Aminu Gwadebe, said he expects the impact of the extra liquidity in the market to be gradual.
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NAFEX: The Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N386/$1.

  • This was the same rate that it exchanged for on Friday, October 23.
  • The opening indicative rate was N386.29 to a dollar on Monday. This represents a 29 kobo drop when compared to the N386 that was recorded on Friday.
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