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Business News of Wednesday, 1 February 2023


Naira stable at forex markets amid new note scarcity

Dollar notes used to illustrate story Dollar notes used to illustrate story

Naira maintained stability against the United States dollar at the Investors and Exporters window on Tuesday, amidst poor circulation of the newly designed naira notes in the country.

According to data published on FMDQ website, where forex is officially traded, the local unit closed the day’s market at N461.50 per $1 on Tuesday, the same rate it was exchanged for in the previous session on Monday.

Within this period, the domestic currency rate soared to an intra-day high of N446.00 and stooped to a low of N462.00 per dollar before settling at N461.50 at the close of business.

The official window opened at N461.50 and closed at the same rate but had $85.04 million posted as foreign exchange turnover recorded within the period.

Similarly, the currency exchange rate remained unchanged at the parallel market on Tuesday amidst intensified efforts by the anti-graft agencies and the State Security Services (SSS) to curb newly designed naira notes hawking by street marketers and mobile cash point operators as Nigerians scramble for new notes withdrawal.

In recent weeks, Nigerian citizens and commercial banks across the country have been lamenting over their inability to access the newly designed naira notes.

While this subsists, many Nigerians on social media have expressed reservations about the circulation of the new notes, with many fuming that they are yet to see or feel the new naira notes.

Others have also complained of hoarding on the part of the commercial banks, while some mobile cash point vendors are said to be exploiting the situation by hawking the new note.

In Abuja and Uyo, currency dealers said the hard currency was exchanged at N750.00 per dollar and sold at N755.00 to a dollar on Tuesday, as against the N748.00 per $1 mark it was exchanged for in the previous market on Monday.