NAIRA MAINTAINS GAINS AT THE OFFICIAL MARKET DESPITE SHORTAGES

On Thursday, the naira gained more ground against the US dollar in the Investors and Exporters window, extending its three-day winning streak despite the country’s ongoing cash shortage that is causing commercial disruptions.

The official trading platform for forex, FMDQ, reports that the local currency closed on Thursday at N461.10 per $1. This indicates a 0.02 percent increase from the N461.17 to $1 that was exchanged on Wednesday during the previous session.

The intraday high for the naira was N439.96, and it fell to a low of N462.00 before stabilizing at N461.10 by the end of business on Thursday.

The spot market window, meanwhile, started at N461.25 and ended at N461.10.

With $ 40.24 million posted during this time period compared to $ 55.52 million recorded during the previous session on Wednesday, foreign exchange supply fell by 28%.

However, the persistent shortage of fresh notes among Nigerians has had a significant impact on the currency conversion rate in the parallel market across the nation’s states.

This week, the exchange rate at the parallel market has been inconsistent across states and among currency dealers as a result of the current chaos brought on by the national shortage of the redesigned naira notes.

The naira fluctuated in value against the dollar on Thursday depending on the dealers and the type of transaction, despite efforts to prevent the Central Bank of Nigeria (CBN) from banning the use of old notes by 10 February and proactive steps taken by anti-graft organizations and the State Security Services (SSS) to stop street vendors and mobile cash point operators from peddling newly designed notes.

The dollar is exchanged for N750.00 per $1 for individuals who prefer internet transfers, according to currency dealers in Uyo and Abuja.

However, the Bureau de change employees confirmed that on Thursday, the dollar was exchanged at N600 to $1 for those who chose cash transactions.