Naira Rises In Black Market Exchange Hours Before Polls

Hours to the opening of polls in Nigeria, the naira rose moderately on Friday, February 24, 2023 in the black market as it exchanged for 760 to the dollar.

The rise of the naira was 0.65% compared to the N765 to the dollar it exchanged the previous day.

Whether that was seen as a positive expectation from the markets is, however, yet to be seen given  the fluctuations around the same band over the recent months especially since the announcement of the naira redesign policy of the Central Bank of Nigeria.

GWG.ng reports that much eyes are focused on the election in Nigeria and the exchange rate of the naira to the dollar in the Black Market on February 24, 2023 could be a benchmark for market optimism or distress depending on the outcome of the presidential election.

Meanwhile, the Naira on Thursday exchanged at N461.33 to the dollar at the Investors and Exporters window.

The figure represented an appreciation by 0.06 per cent compared with the N461.60 it exchanged on Wednesday.

The open indicative rate closed at N461.30 to the dollar on Thursday.

An exchange rate of N462 to the dollar was the highest rate recorded within the day’s trading before it settled at N461.33.

The Naira sold for as low as N446 to the dollar within the day’s trading.

A total of 110.27 million dollars was traded at the official Investors and Exporters window on Thursday. 

The value of the naira in black market exchange on February 24 will be projected as a reason for calm by optimists.

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