Official Rate Moves to N196.95/$1 as High dollar demand eases

A review of today’s parallel market activities and oil price behaviour highlights the following:

  •         Today, the naira traded at N217.00 to a dollar with no price changes as the exchange rate remains flat compared to its previous day value. Today’s fieldwork shows that major participants constitute those buyers who must do business in foreign currency.

  •         The existing low level of activities remains unchanged as only autonomous demand levels exist.

  •         The Naira exchanged against the pounds sterling around N331/£1 with no major drift while Naira/Euro rate traded at N242/€1.

  •         Official CBN dollar rate moves to N196.95/$1.

  •         Brent crude price was at $65.05 per barrel as at 10.28ET.


EXCHANGE RATE
Today, the naira exchanged at N217.00 to a dollar. The Nigerian currency closed flat when compared to its previous day value. The official Naira/USD exchange rate, however, moves to 196.95/$1 to reflect the dwindling demand for dollar.

The value of the naira has since the initial CBN devaluation in November 2014 traded between the band of N173 and N230 to USD1. The graph below shows in pictorial form the volatility of the naira against the dollar in the black market for the last 3weeks as it compares with the official rate.

Official Rate Moves to N196.95/$1 as High dollar demand eases

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