On Wednesday, naira appreciated marginally against the United States dollar from N1,615.94 to N1,609  at the official market.

This specify an increase of N6 or 0.37 per cent.

The little improvement comes from the part of foreign exchange guidelines issued by the Central Bank of Nigeria in recent weeks.

Although, the Monetary Policy Committee raised   the Monetary Policy Rate also known as the benchmark interest rates, by 400 basis point to 22.75 percent on Tuesday from 18.75 per cent in July 2023.

It also alter the asymmetric corridor around the MPR to +100/-700 from +100/-300 basis points, raised the Cash Reserve Ratio from 32.5 per cent to 45.0 per cent, and retained the Liquidity Ratio at 30 per cent.

Thus, the expected impact rate hike has not yet reflected on the official foreign exchange as the naira decrease by 2.04 percent after the dollar was quoted at at N1,615.94 on Tuesday compared to N1,582.94 quoted on Monday at the Nigerian Autonomous Foreign Exchange Market, data from the FMDQ securities exchange shows.

Data obtained from FMDQ showed that naira depreciate from N1,582.94 on Monday to N1,615.94/dollar on Tuesday.

This indicate an N30 or 2.0 per cent decreased compared to the N1,582.94 recorded at the close trading on Monday.

On Wednesday, the high rate was N1,660, decrease from N1,778/$ on Tuesday and N1,805/$1 on Monday. But, the low increased raised to N1,401 from N1,300 on Tuesday and N1,301/$ on Monday.

Although, the FX daily market sales further decrease to $119.14m from $154.16m recorded on Tuesday and $166.58m on Monday.

Wakadaily gathered that, there were no actual price for dollar sales, at the parallel market.

Malam Ibrahim, a BDC operator, explained that the rate changed minimum seven times before the closing trading activities.

“Currently, nobody can tell you the actual price because you can get up to seven different prices in a day and within minutes. The naira is just a pendulum right now, up and down.

He noted that, “the problem now is  that there are looking for buyers but most of the peoples are looking for dollars to sell, and  there is not buyer.”

During the day, the naira traded between N1,300, N1,450 and N1,500 on Wednesday compared to the black market N1,550 on Tuesday.

Another BDC operator confirmed the development noting that the consistent raids by security operatives has reduced the willingness to trade.