The rates of exchange of the naira to the United States dollar remained unchanged across various segments of the foreign exchange markets on Tuesday in spite of the current liquidity crisis.
At the unofficial parallel market, the local currency closed at N465 to a dollar just as it did the day before, according to data from forex operations resource website, AbokiFX.
Earlier, naira touched its intraday low of N470 to a dollar and a high of N462 to the American currency.
Read also: Naira falls sharply at retail market over pressure to harmonise forex rates
At the over-the-counter spot market, also called the Investors and Exporters (I&E) window, naira was similarly stable, closing at N386 to a dollar, the same rate at which it ended trade at the previous session.
The opening indicative rate yesterday was N387.92, signalling a negative margin of 33 kobo when set beside the N387.46 posted on Monday.
Nigeria runs multiple exchange rates across its currency market and the central bank have been ramping up efforts to converge them around the I&E window as advised by the International Monetary Fund including the regulator’s recent devaluation actions at the retail forex market, where it sells foreign exchange to lenders.
It is hoping to shore up its fast depleting external reserves through a $3 billion budget support loan from the World Bank due for approval on 6th August.
Opinions