The Central Bank of Nigeria (CBN) successfully cleared the verified backlog of foreign exchange claims owed to foreign airlines on Tuesday. However, the official market experienced a significant devaluation of the Naira, closing at N1,513 per dollar.
The Nigeria Autonomous Foreign Exchange window (NAFEX) witnessed a closing rate of N1,482.57 to the dollar on Tuesday night, slightly higher than the street rate of N1,460 for the greenback.
On the parallel market, the exchange rate remained unchanged, holding steady at N1,460 per dollar on Tuesday without any depreciation.
In the official Investors and Exporters (I&E) Window, the Naira closed at N1,482.57, reflecting a 9.94% decline or a loss of N133.95 compared to the previous day’s rate of N1,348.62.
According to data from the Financial Markets Dealers Quotations (FMDQ) website, the daily turnover for Tuesday was quoted at $72.33 million, marking a 12.50% increase from the $64.29 million recorded on Monday. The highest spot rate at the end of Tuesday’s trading was N1,531 to the dollar, while the lowest spot rate recorded was N789 to the dollar.
Despite the resolution of the foreign exchange claims, the fluctuations in both the official and parallel markets underscore the ongoing challenges in stabilizing the Naira’s value against the dollar. Investors and analysts will be closely monitoring the market for further developments in the coming days.