The parallel market witnessed a 0.38 percent depreciation of the Naira against the dollar as the foreign exchange market opened on Wednesday.
During Wednesday morning trading, the dollar maintained a rate of N778, which was the same as the previous day’s closing rate but lower than the N775 rate observed during intraday trading on Tuesday.
According to a trader interviewed by BusinessDay, the current rate is subject to change later in the day based on demand pressure.
At the Investors and Exporters (I&E) forex window, there was a significant demand for dollars on Tuesday, with bids ranging from as high as N820/$ to a low rate of N700/$.
The volume of dollars traded in the market declined by 16.71 percent on Tuesday, totaling $73.86 million compared to the $88.68 million recorded on Monday.
As a result, the Naira depreciated by 3.50 percent against the dollar at the official FX market, with the dollar quoted at N768.44 on Tuesday compared to N741.50 on Monday, according to data from the FMDQ.
A World Bank report highlighted the comprehensive reform implemented in mid-June, addressing three critical distortions in the FX market: the lack of a price discovery mechanism, multiple FX windows, and institutional weaknesses such as transparency and predictability.
Starting from June 14, the Central Bank of Nigeria (CBN) initiated reforms by eliminating the segmentation of the FX market and consolidating it into the Investors & Exporters window. This allowed the Naira to trade more freely and introduced transparency in transactions.
As a result, the Naira experienced a significant single-day depreciation of 27 percent, dropping from N463 to N632/US$.
The report emphasized the importance of further improving the efficiency of the FX market by removing FX restrictions, clarifying the operation of the new FX regime, and implementing a supportive monetary framework guided by price stability for monetary policy actions.
pill norethindrone 5mg – purchase lumigan for sale buy yasmin cheap
alendronate order – purchase fosamax generic medroxyprogesterone 10mg canada
order generic progesterone 200mg – clomiphene 100mg pill buy cheap generic fertomid
capecitabine oral – buy xeloda 500 mg generic danazol 100 mg capsules
brand bupropion – how to get bupropion without a prescription cost shuddha guggulu
buy provigil cheap – order promethazine for sale meloset 3mg generic
buy eurax generic – buy aczone paypal aczone medication
order cozaar 50mg online – hyzaar usa brand cephalexin
order cleocin sale – indocin generic indomethacin 50mg cost
buy augmentin 375mg generic – augmentin medication cheap levothroid online
flagyl 400mg canada – flagyl oral cenforce pills
buy betnovate 20 gm – monobenzone generic monobenzone drug
acticin brand – purchase benzac cream purchase tretinoin sale
deltasone 5mg cost – cost prednisolone 10mg order zovirax for sale
order isotretinoin 40mg online cheap – accutane 40mg tablet buy deltasone 40mg generic
cost cefdinir – cefdinir oral brand clindamycin
artane pills – how to get trihexyphenidyl without a prescription purchase voltaren gel
periactin pills – periactin 4 mg without prescription oral tizanidine 2mg
order mobic 7.5mg online – meloxicam 7.5mg tablet order generic toradol 10mg
where can i buy lioresal – where to buy feldene without a prescription piroxicam online buy
diclofenac pills – imdur oral purchase nimotop sale
order mestinon online cheap – sumatriptan tablet order azathioprine 50mg online
cheap rumalaya generic – buy shallaki without a prescription order elavil pills
diclofenac without prescription – voltaren 50mg price oral aspirin
buy generic mebeverine over the counter – order colospa 135 mg without prescription pletal 100 mg oral
celebrex online order – indomethacin 75mg cost buy cheap generic indocin
probalan over the counter – carbamazepine 400mg cost buy tegretol 400mg online
neurontin 100mg pills – order motrin 600mg without prescription buy sulfasalazine 500 mg for sale
buy besivance eye drops – carbocisteine without prescription buy sildamax tablets
buy lasuna tablets – lasuna canada oral himcolin