Naira closes August at N701/$, stable at NAFEX, official window

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Naira appreciated to N701/$ at the close of August from over N703 to N701/$ yesterday. As at last weekend it exchanged for N698 to a dollar but according to the P2P foreign currency segment, Dollar to Naira exchange rate today, 31st August 2022 is set at N701.33/$1.

Compared to the same time it traded yesterday, the Naira was exchanged at N703/41, revealing the local currency appreciated by N2 against the American Dollar.

Meanwhile, in the unregulated market which is also the black market, currency traders in Lagos disclosed Dollar to Naira is exchanged at N700/$1 – indicating a flat rate when compared to the value it traded as of this time yesterday, and the day before.

In a similar vein, the local currency remained stagnated in the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) window closing at N430.33/$1, the same value it traded the day before.

The situation applies to the official Central Bank of Nigeria’s (CBN) foreign segment as the local currency is currently exchanged at N423.38/$1, the same figures it traded the previous day.

On Monday, the naira fell to N702 per dollar at the parallel market.. Ana;ysts had warn that, extension to the official exchange rate may impact service negatively.

The figure represents N10 or 1.4 percent depreciation compared to the N692 it traded last week.

Bureaux De Change (BDC) operators in Lagos and Abuja, who spoke to TheCable, said that there is high demand for foreign currency in the street market.

The street traders, popularly known as ‘abokis‘ put the buying price of the dollar at N690 and the selling price at N700-N702, leaving a profit margin of N10-N12.

Last month, the naira weakened to N707 a dollar. It later strengthened to N670 after security operatives raided a BDC hub in Abuja.

Nigeria in the past 10 years has spent a whopping sum of N15.22trillion to service its domestic and external debts, data gathered on the official website of Debt Management Office (DMO) has revealed.

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