Naira rebounds at NAFEX, stables at official, parallel markets

The Naira, on Wednesday rebounded at the Nigerian Autonomous Foreign Exchange (NAFEX) window, to close at an improved rate of N360 to the US Dollar against N360.39 traded on Tuesday, even though it remained stabled at both the official foreign exchange market and its parallel segment.

The Nigerian currency, on NAFEX opened yesterday trading at a more weaker price of N360 per dollar, compared to N359.91 recorded on Tuesday, and traded high at N362 before closing at a better rate of N360 against 360.39 settled the previous day and N360.37 exchanged on Monday.

At the end of yesterday trading activities on the Investors FX window, the total transactions turnover declared was put at $125.08 million, which was lower than $334.32 sold on Tuesday and $655.62 declared on first trading day of the week.

Considering, activities at the official forex market, the local currency, ended yesterday trading at an unchanged rate of N305.70 per dollar , the same amount exchanged on Tuesdsy and Monday, however, weaker than N305.65 closed last Friday.

Also, at the parallel market, the Naira stood steadied at N364 to the dollar, the same price it has been selling since last Tuesday, following a depreciated closing rate of N365 sold the previous day.

Meanwhils, the achievements recorded in the Nigeria’s foreign exchange market over the time, has consistently linked to the continuous high turnover at the Investors and Exporters (I&E) FX window, just as it declared a whopping total transactions worth of $1.892 billion as of close hast week trading.

For instance, the Investors window, in just one day during the week under review, recorded a significant daily transactions turnover of $655.7 million, which represented the highest amount traded since the beginning of 2018.

The breakdown I of the transactions, however, showed that the I&E FX window recorded $292.15 million as at close of first trading day but dropped to $273.74 million the following day and even depreciated further to $263.57 million as of close of midweek trading activities. Putting total trading from last week Monday to mid week at $929.66 million.

But the I&E FX window, last Thursday rebounded with a better closing transactions figure of $306.70 million compared to the first three days within the week, before Friday’s $655.72 million, which was the highest ever traded in just single day at the autonomous FX window this year.

Therefore, putting the last two trading days figure at $962.42 million, stronger than the total exchanged figure of $929.66 million for the first three days of the previous week.

Motolani Oseni