The dollar to naira exchange rate saw a N40 increase between Thursday and Friday, reaching N1,426 to a dollar, as reported by the National Autonomous Foreign Exchange Market (NAFEM), the official exchange market.
Recent times have witnessed a reversal of the naira’s gains, with the currency firming up against the dollar and trading below N1000, eliciting relief from businesses and the government. This positive trend followed a series of reforms and interventions by the Central Bank of Nigeria (CBN) aimed at stabilizing the exchange rate market. The CBN’s initiatives included supplying more dollars to Bureau De Change (BDC) operators to enhance liquidity.
While the dollar traded at N1,466.31 at the official market, it depreciated further at the parallel market, reaching N1,510. Initially exchanging for N1,450 on Friday morning, the dollar closed the day at N1,510 at the street market, commonly known as the black market.