Banks deposits in Nigeria up by 24% to N42tn

BY EMEKA EJERE

The naira is not showing serious signs of recovering from the immediate shocks of the recent stoppage of the sale of foreign exchange to the Bureau de Change Operators by the Central Bank of Nigeria (CBN).
On Friday, the local unit fell against the U.S dollar at both the official and unofficial markets, data posted on both markets trading sessions showed.

According to abokiFX.com, where forex is traded unofficially, the local currency closed at N510.00 per $1 at the black market, representing a N2.00 or 0.40 per cent devaluation from the N508.00 rate it traded in the previous session on Thursday.

Similarly, data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N411.50 per $1 on Friday. This implies a N0.25 or 0.10 per cent devaluation from the N411.25 rate it exchanged hands with the hard currency in the previous session on Thursday.

The currency saw an intraday high of N400.00 and staged a low of N413.00 before settling at N411.50 at the Nafex window, the same rates it touched in the previous session on Thursday.
This happened as forex supply remained unchanged at $103.90 million posted in the previous session on Thursday.

With this, the spread between the official market and the unofficial market rates is pegged at N98.50, leaving a margin of 19.31 per cent as of the close of business Friday.
The local unit had also fallen against the U.S. dollar at the unofficial market window on Thursday, as it exchanged hands with the greenback currency at N508.00 per $1.

It had, however, gained marginally against the U.S. dollar at the official market segment after maintaining a semblance of stability in the previous three consecutive sessions.

While abokiFX.com, showed the currency closed with a N2.00 or 0.40 per cent devaluation from the N506.00 rate it traded in the previous session on Wednesday, FMDQ Security Exchange showed the naira closed at N411.25 per $1, implying a N0.25 or 0.10 per cent appreciation from N411.50 rate it exchanged hands with the hard currency in the previous session on Wednesday.

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