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Naira Appreciates Across all Markets as August Kickstarts.

Naira Appreciates Across all Markets as August Kickstarts.

The foreign exchange market kick-started the month of August on a positive note after the Central Bank of Nigeria – CBN assured of its commitment to resolving FX issues.

According to data from FMDQ securities, the Nigerian naira closed at N428.88 per dollar as against the previous close of N426.20 on Friday at the official market also known as the Investors and Exporters (I&E) forex windows.

Major currency dealers who participated in the FX auction, maintained bids between N406.00 and N444.00 per dollar as the market turnover declined by 53.33 percent on Monday to $60.27 million, as compared to $129.13 million recorded on Friday.

At the parallel market, also called the black market, naira also appreciated by N20 to N690 per dollar on Monday compared to the N710 it closed on Friday.

Meanwhile, given the rising demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria has advised its citizens to resist the urge to succumb to the speculative activities of some players in the foreign exchange market.

Mr. Osita Nwanisobi, the director of corporate communications at the CBN, added that the apex bank remained committed to resolving the foreign exchange issues confronting the nation and as such has been working to manage both the demand and supply challenges.

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While admitting that there was great demand pressure for foreign exchange to meet the needs of manufacturers as well as those for the payment of tuition, medical fees, and other Invisibles, Nwanisobi reported that the Bank was concerned about the international value of the naira, adding that the monetary authority was strategizing to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.

Additionally, he noted that recent initiatives undertaken by the bank such as the RT200 FX Programme and the Naira4Dollar rebate scheme had helped to boost foreign exchange inflow to the country.

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