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NAFEM WINDOW
Parallel market operators are quoting a buy price above N1,600/$1 for holders of naira looking to buy dollars, as the local currency faces rising pressure.
The naira has weakened further against the US Dollar, falling to N1,500.79/$1 on the official market on June 25, 2024.
The Central Bank of Nigeria (CBN) has permitted eligible International Money Transfer Operators (IMTOs) to sell foreign exchange (FX) on Nigeria's official window.
The naira exhibited signs of moderate stability as foreign exchange (FX) turnover surged by 138.67% on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.
The naira depreciated to its lowest level in three weeks on the official market on Wednesday, June 5, 2024.
The naira has shown some form of stability against the US dollar on the NAFEM window, closing at N1,476.95/$1 on June 4, 2024.
After two days of substantial depreciation in a week characterized by significant volatility in the foreign exchange market, the naira showed signs of stabilizing as it closed at N1,485.99/$1 on Friday, May 31, 2024.
In the opening trading session of May at the NAFEM window, the Naira experienced a slight decline, settling at N1,402.67 to the dollar, which is a 0.83% decrease from the previous close of N1,390.96 in April.
The Nigerian Naira saw a notable increase in value against the US dollar in the parallel market, reaching N1,350. This marked a 2.20% rise from the earlier rate of N1,380 on the same day.
The Association of Bureau De Change Operators of Nigeria (ABCON) has requested that the Central Bank of Nigeria (CBN) prevent dollar domiciliary account holders from obtaining foreign exchange through the NAFEM and NAFEX markets.
The Nigeria Customs exchange rate for import duties and cargo clearance has dropped below the official market of N1251/$
Naira appreciated for the 4th consecutive week to settle at N1,245 per against the dollar amid amplified confidence in the naira.