The Nigerian Naira experienced a substantial gain of N100, closing at N840/$ at the parallel market in Lagos. This gain was accompanied by a lower closing rate of N850/$ in Abuja markets, marking a 9.57% increase compared to Tuesday’s rate.
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At the Investor and Exporter (I&E) window, which is the official market, the Naira closed at N759 to the dollar, resulting in a significant premium of approximately N81 between the official and parallel markets. Notably, there was a turnover of $61 million at the I&E window.
Bureau De Change operators in Wuse Zone 4, Abuja, reported that the Naira began the day at N940/$ and gradually appreciated to the current rate. Ibrahim Bakori, a trader, attributed the Naira’s appreciation to a recent meeting between President Bola Tinubu and the Acting CBN Governor Folashodun Shonubi. Another Forex dealer, Nura, echoed the sentiment, suggesting that the meeting conveyed signals of impending changes in the Forex market.
However, concerns have emerged regarding the Central Bank of Nigeria’s (CBN) potential release of dollars into the market to counter the Naira’s fall. Dr. Victor Adoji, a financial expert, warned against flooding the market with dollars, emphasizing the substantial amount of money outside Deposit Money Banks (DMBs) that could easily absorb the influx. He urged the CBN to assess the existing demand portfolio before releasing additional dollars.
Garuba Sarki, a Bureaux De Change (BDC) trader in central Lagos, pointed out that many forex dealers are exercising caution due to the fear of potential losses. He anticipated the Naira’s rebound until convergence between official and parallel market rates is achieved.
President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, recommended that the Federal Government intensify financial intelligence efforts to track individuals with proceeds of corruption, as their manipulative actions contribute to forex market pressures.
Richard Obire, a former Executive Director of Keystone Bank Limited, highlighted Nigeria’s excessive consumption of imports and capital outflows as factors affecting Naira stability. He suggested both short-term and long-term strategies, including non-market damaging methods to boost currency supply and curb demand. Obire also emphasized tackling insecurity affecting food production and prioritizing local consumption of food products to reduce import bills.
The Central Bank of Nigeria (CBN) had previously unified exchange rates in June, leading to a significant drop in the Naira’s official market rate by 40%. The challenge remains the supply of dollars, preventing convergence between official and parallel market rates.
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