Naira Exchange Rate Trades ₦415.07 to $1 Afer CBN eNaira Launch

Reports that the Naira Exchange Rate Trades ₦415.07 to $1 Afer CBN eNaira Launch on Monday didn’t spark the excitement as it should among Nigerians due to the fact that the West African CFA Franc Gains More Value Over The Nigerian Naira.


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Despite experiencing what some would describe as stability, it still remains a sad reality that the Nira is now performing worst than Zimbabwean dollar and recently, the West African CFA even after the Central Bank of Nigeria launched the eNaira digital currency.

 
 

Data from FMDQ securities exchange windows where forex is officially traded, showed that naira exchanged hands with the foreign currency at ₦415.07 to a dollar on Monday, according to a report by Premium Times. The same rate it exchanged in the past two sessions (Thursday and Friday) last week.

 
 

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Forex turnover at the market plummeted by 63.00 per cent with $90.36 million recorded on Monday as against the $240.97 million posted at the close of business on Friday last week.

 
 

The local unit saw an intraday high of ₦404.00 and a low of N415.20 before closing at ₦415.07 to a dollar again on Monday.
At the black market in Uyo, dealers said they exchanged the currency at N560.00 to a dollar on Monday, as against the N565.00 per $1 exchanged Friday last week.

 
 

“Dealers here are skeptical of buying the dollar due to the launch of the eNaira, they don’t want to buy and lose,” a dealer who does not want his name mentioned  via telephone revealed to PREMIUM TIMES. While at Abuja, dealers exchanged the naira at the rate of ₦568.00 and sold at ₦570.00 to a dollar on Monday.

 
 
 

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