On Wednesday, the Naira reached an unprecedented low of N980 per US dollar due to a surging demand for dollars in the parallel market, commonly referred to as the black market. This depreciation of the Naira was primarily driven by a substantial need for dollars by individuals traveling for various purposes such as business, education, medical treatment, and tourism.
In the official Investors’ and Exporters’ (I&E) forex window, Nigeria’s official foreign exchange market, the Naira experienced a 0.34 percent decline. The exchange rate for the dollar stood at N776.60 on Tuesday, compared to N773.98 per dollar on Monday, as reported by data from the FMDQ. Year-to-date, the local currency has depreciated significantly by 68.46 percent, moving from N461 per dollar at the start of the year to N776.60 per dollar.
In the foreign exchange market, willing buyers and sellers maintained their bids within the range of N799.90 per dollar (high) and N720.00 per dollar (low), while the daily turnover in the foreign exchange market amounted to $71.01 million on Tuesday.
Meanwhile, in the money market, the Nigerian treasury bills secondary market had a slightly negative performance on Tuesday, with the average yield across the curve increasing by 1 basis point, reaching 7.17 percent from the previous day’s 7.16 percent, according to a report by FSDH Research. The average yield for long-term maturities expanded by 9 basis points, but the average yields for short-term and medium-term maturities remained unchanged at 3.05 percent and 6.16 percent, respectively. Notably, the treasury bill maturing on July 11, 2024, saw increased selling pressure, resulting in a 9 basis point increase in yield.
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