Naira Stable in Forex Markets Amid Shortage of New Notes


Naira held steady against the US dollar at the Investors and Exporters window on Tuesday amid poor circulation of the newly designed naira notes in the country.

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

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

The official window opened at N461.50 and closed at the same pace, but recorded $85.04 million as registered foreign exchange turnover within the period.

Similarly, the currency’s exchange rate was left unchanged on the parallel market on Tuesday amid intensified efforts by anti-corruption agencies and the State Security Services (SSS) to curb the sale of naira notes from redesign by street vendors and mobile ATM operators as Nigerians struggle to get Withdrawal of new banknotes.

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

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

Others have also complained about hoarding by commercial banks, while some mobile ATM vendors are said to be exploiting the situation by hawking the new note.

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In Abuja and Uyo, forex traders said the hard currency traded at N750.00 to the dollar and sold for N755.00 to the dollar on Tuesday, up from N748.00 to the dollar on the previous market on Monday. .

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Naira Stable in Forex Markets Amid Shortage of New Notes

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