By John Ikani
Naira appreciated slightly against the US dollar on Thursday, by 0.08% to close at N430.67/$1 compared to N431/$1 recorded in the previous trading session.
The opening indicative rate closed at N429.75/$1 on Thursday, 25th August 2022, from N428.67/$1 recorded on Wednesday.
Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N430.67/$1, while it traded as low as N417/$1 during intra-day trading.
A total of $82.88 million in FX value was traded on Thursday, which is 36.9% lower than the $131.3 million that exchanged hands on Wednesday, 24th August 2022.
On the flip side, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N697/$1 on Friday morning, a 0.14% depreciation when compared to N696/$1 recorded as of the same time on Thursday.
Similarly, naira closed trading at N698/$1 at the black market on Thursday, indicating a 0.29% depreciation against the US dollar, representing the lowest level since August 1, 2022. This is according to information from black market operators.
In case you missed it
It is worthwhile to note that Nigeria is facing a forex exchange crisis, and this has affected the price of goods and services, including local and international flights.
Recently, the International Air Transportation Association (IATA) said foreign airlines’ funds being withheld in Nigeria increased from $450 million in May to $464 million in July.
Due to the inability to repatriate its funds, Emirates Airlines, the flag carrier of the United Arab Emirates (UAE), said it would halt flights to Nigeria from next month.
To reduce the persistent FX pressures in the country, the World Bank and the International Monetary Fund (IMF) have advised the Central Bank of Nigeria (CBN) to unify exchange rates.
