Naira falls 1.02% at official market

PwC says naira may fall to N386


The naira on Thursday depreciated by 1.02 per cent (N4.83/$1) at the Investors and Exporters (I&E) forex window.

After trading on Thursday, the dollar was quoted at N469.50 compared to N464.67 quoted since May 31, 2023, I&E window, data from the FMDQ indicated.

The local currency further weakened against the dollar on Thursday, losing 0.39 per cent (N3) at the parallel market, also known as black market.

During the trading session, the dollar was quoted at the rate of N763 as against N760 on Wednesday.

The naira depreciation followed strong demand for dollars by individuals for travel allowances and school fees.

Naira has since last week steadied at N464.67 per dollar at the Investors and Exporters forex window despite a decline in the market liquidity on Wednesday.

Most currency traders who participated at the foreign exchange auction on Wednesday maintained bids between N460/$1, lower and N467/$1, higher bid.

The daily foreign exchange market liquidity declined by 24.57 percent to $140.31 million on Wednesday from $186.02 million recorded on Tuesday, data from the FMDQ indicated.

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