Naira Now Exchanges With Dollar At N1,235

On Tuesday, a strong demand for the Naira pushed its value to a record low of N1,235 per dollar  on the parallel market, otherwise known as black market.

This represents 2.06 percent (N25) weaker than N1,210 recorded on Monday.

Naira on Monday strengthened against the dollar, gaining 1.85 percent at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Naira appreciation comes after Wale Edun, the finance minister said Monday that Nigeria is expecting as much as $10 billion in new foreign currency inflows in the next few weeks to ease acute dollar shortages in the foreign exchange market.

Following Finance Minister Wale Edun’s announcement on Monday, it was expected that the Naira’s value would strengthen, as Nigeria anticipates an injection of up to $10 billion in fresh foreign currency inflows over the next few weeks. This injection aims to alleviate the acute dollar shortages in the foreign exchange market.

After trading on Monday at the NAFEM, one dollar was quoted at N793.34, which was stronger than N808.27 quoted on Friday, data from the FMDQ showed.

Willing buyers and willing sellers offered and sold at a bid rate of N900/$ high and N701/$ low. The daily FX market turnover increased marginally by 2.89 percent to $81.55 million on Monday from $79.26 million recorded on Friday at the official market.