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Naira exchanges for N1,419.11/$ in official market
The platform that manages the official window, FMDQ Exchange, reports that during trading hours, the intraday high and low rates for the dollar were N1,451 and N1,060, respectively.
At the parallel segment of the foreign currency (FX) market on Monday, the value of the naira dropped even lower to N1,350 per dollar.
The FX rate as of right now has dropped by 2.27 percent from the N1,320/$ transacted on April 26.
Bureau de change (BDC) operators, who deal in currency, stated a buying rate of N1,320 and a selling rate of N1,350, meaning that they were making a profit margin of N30.
The local currency lost 1.42 percent of its value versus the US dollar at the official window on Monday, moving from N1,399.23 on April 26 to N1,419.11 on Monday.
The platform that manages the official window, FMDQ Exchange, reports that during trading hours, the intraday high and low rates for the dollar were N1,451 and N1,060, respectively.
On April 27, the Association of Bureaux De Change Operators of Nigeria (ABCON) declared that it will create a single retail end FX market.
The president of ABCON, Aminu Gwadabe, stated that the action will address volatility and improve regulatory adherence in the bureau de change (BDC) subsector.
According to Gwadabe, the planned unified retail FX market will guarantee simpler regulation, oversight and monitoring by security authorities, and better market visibility for BDC operators
“The association will sustain its engagement with regulatory agencies, security operatives and other government apparatus to entrench a secured and thriving forex market that is supportive of regulation and government,” he said.
According to Gwadabe, the planned unified retail FX market will guarantee simpler regulation, oversight and monitoring by security authorities, and better market visibility for BDC operators.
