The poor performance of the Nigerian Naira was indicated Wednesday at the Investors and Exporters (I&E) forex window. After trading, Naira per Dollar exchange rate dropped at ₦394.17K (per dollar),inspite of the increased dollar supply which rose by 233.58%.
Data from FMDQ securities exchange revealed there was a 0.21 percent drop, or 82kobo loss when compared to the ₦393.35K per dollar exchange on Tuesday.
Black market sold at ₦475 per dollars after two days trading.
Meanwhile, data from FMDQ showed that forex turnover rose to $89.50 million on Wednesday from $26.83 million recorded on Tuesday.
This is attributed to increase in dollar inflow from Foreign Portfolio Investors (FPI)
The foreign exchange market has been under pressure for over 9 months, following a sharp drop in oil prices as a result of covid-19 pandemic.
FMDQ Holdings PLC is Africa’s first vertically integrated ‘financial market infrastructure’ (FMI) group, strategically positioned to provide registration, listing & quotation services, seamless trading, clearing, settlement, risk management, and depository of financial market transactions.
Ijeoma Njoku reporting, Obinwannem News
