The value of the naira appreciated against the dollar at the primary market and the Nigeria Autonomous Foreign Exchange Market (NAFEX) also known as Investors and Exporters (I&E) window as it traded at N380/$ and N385.50 from N386 following the unification of the exchange rates by the Central Bank of Nigeria (CBN) on Thursday last week.
According to the information available on the official website of the CBN, the value of the naira maintained stability at N380/$ against the dollar and appreciated against the pounds sterling and euro to settle at N495.44 from N496.88 and N446.65 from N449 respectively. At I&E window, the value of the naira also appreciated to N385.50 from N386 which it was on Friday signifying a N6 difference from the CBN rate.
At the Bureau De Change (BDC) end of the foreign exchange market, information on the official website of the Association of Bureau De Change Operators showed that the naira firmed at N473/$ and N601.5 against the pounds sterling and N545 against the pounds sterling as at yesterday.
Meanwhile, it can be recalled that the CBN on Thursday last week adjusted the exchange rate of the naira to the dollar to N380 from N361 which might signify unification for the second time this year.
Commenting on the Naira, FXTM analyst, Lukman Otunuga stated that the story defining the Naira’s weakness continues to revolve around Dollar shortages, shaky Oil prices and gloomy economic fundamentals. Nigeria continues to nurse wounds inflicted from lockdown measures while shaky Oil prices have complicated the Central Bank of Nigeria’s efforts to defend the Naira against external and domestic risks.