The naira-to-dollar exchange rate fell to N930/$1 on the parallel market on Friday.
The Times reported that the exchange rate indicates a decrease of 0.32% from N927 to the dollar, which traded on Thursday during the previous session.
In contrast, according to the I&E window on the FMDQ website, the naira started at N767.83 to the dollar and ended at N736.62 to the dollar.
Breakdown of data:
I&E FX window – The data from the I&E FX window showed that the Niara started the day at N767.83/$1, but it declined further and ended the day at N736.62 per dollar.
Parallel market – The Naira declined 0.32% against the dollar on Friday, September 8th, 2023, closing at N930/$1 among traders, compared to N927/$1 on Thursday.
The naira also declined today against the British pound, falling by –0.85% from N1180/£1 on Thursday to N1190/£1 on Friday.
The naira has made consistent declines in the parallel market since the week started, as demand for Fx continues to exceed limited supply.
Since the beginning of the week, the naira has consistently fallen on the black market as demand for foreign exchange is growing faster than the available supply.
The $10 billion backlog in foreign exchange is being cleared by the commercial banks and the Central Bank, according to their statement, within the next two weeks.
This information was provided by the acting governor of the CBN, Folashodun Shonubi, who made the announcement during a conference on Tuesday in Lagos when he was questioned about the ongoing difficulties in the foreign exchange market.
According to Shonubi, who said that banks, which control 75% of forex transactions, will play a vital part in ensuring that the backlog is cleared, the backlogs will be addressed through various mechanisms within the currency market.
