Market News

The naira yesterday closed at N995 to dollar at the parallel market. That was the same rate it closed last Friday. 

The local currency however, exchanged at N773.25 to dollar at the Investors and Exporters window. The rate represents 3.41 per cent depreciation from Friday’s closing rate.

Report from FMDQ Exchange showed there was $65 million turnover, an indication of continued low dollar liquidity.

Former Registrar, Chartered Institute of Bankers of Nigeria (CIBN), Dr. Uju Ogubunka, said Nigeria’s trade balance has been weakened by its inability to produce and earn forex.

To firm up the naira, he said Nigeria must find new ways to boost production to earn more dollars and boost foreign reserves.  Ogubunka, who is also the President, Bank Customers Association of Nigeria, said aside boosting production, there is need to tackle insecurity to allow farmers go to their farms.

He said such effort will help increase crop yields and bring more dollar earnings for the economy that will, firm up the local currency. 

According to him, insecurity and the political uncertainty are delaying several corporate investment decisions that would have brought in more dollars to the economy. 

President, Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, said there was need to encourage market participants to source forex from independent windows to boost liquidity. 

He called for enabling environment and fair treatment for all the players to achieve exchange rate stability.