Naira Gains Moderately Against Dollar On February 6, 2023

The black market exchange rate for the naira to the dollar improved moderately on Monday, February 6 2023, at a time that entrepreneurs in the Federal Capital Territory are counting their losses over the scarcity of the naira.

GWG.ng reports that the naira exchanged for an average of N744/$1, representing a 0.53% appreciation compared to N748/$1 recorded on Friday, 3rd February 2023 the last day computation was made.

Meanwhile, the exchange rate at the investors and exporters (I&E) window appreciated slightly to N461.5/$1, a gain of 0.11% from N462/$1 recorded on Friday, 3rd February 2023. Forex turnover however increased by 0.07% on Friday to $119.43 million, from $119.35 million that exchanged hands on Thursday.

Meanwhile, while the Naira exchange rate for the dollar at the Black Market on February 6, 2023, stood at N744 some small scale industrialists and entrepreneurs in the Federal Capital Territory (FCT), have continued to count their losses over the lingering new Naira notes scarcity.

They told the News Agency of Nigeria (NAN) on Sunday in Abuja, that the situation was hurting their businesses as they continue to record low patronage.

According to Dr Solomon Vongfa, the National President of Association of Small Scale Industrialists (NASSI), the redesigning of the naira is actually a good policy but the implementation came at the wrong time.

Vongfa, who expressed concern that the Naira scarcity was adversely affecting commercial activities in the country urged the Federal Government to quickly address the situation.

He said that businesses of most members of the association were going down thus bringing hardship to them.

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