Naira strengthened further against the United States dollar at the Investors and Exporters window on Thursday, extending appreciation to three successive days amidst lingering cash crunch disrupting businesses in the country.
According to data published on FMDQ website, where forex is officially traded, the domestic currency closed at N461.10 per $1 on Thursday. This implies a 0.02 per cent appreciation from N461.17 per $1 it traded in the previous session on Wednesday. The naira experienced an intraday high of N439.96 and slipped to a low of N462.00 per dollar before settling at N461.10 at the close of business Thursday.Within this period, foreign exchange supply plummeted by 28 per cent with $ 40.24 million posted as against $ 55.52 million recorded in the previous session on Wednesday.
However, the currency exchange rate at the parallel market across states in the country have been largely affected by the lingering new note scarcity among Nigerians. Due to the existing chaos triggered by the nationwide scarcity of the redesigned naira notes, exchange rate at the parallel market has been irregular across states and among currency dealers this week.