Naira Exchanges Today, February 28 At N760

The naira depreciated moderately by 0.26% as it exchanged for N760, below the N758 it traded for the dollar at the black market, today, February 28, 2023.

GWG.ng reports that the naira fell 1.33% in the informal black market compared to the N750 it exchanged with the dollar at the beginning of the month of February.

Through out the month the naira hovered within the trading band of about N740 to N780 in the black market maintaining a value that operators say was influenced by the unfolding naira withdrawal policy of the Central Bank. The policy has limited the flow of naira especially free money from political actors and others with access to free money that normally influenced the value of the national currency.

GWG.ng reports that today, February 28, 2023, the naira exchanged for N760, which was 0.26% below what it traded the previous day and 1.33% it traded at the beginning of the month.

With the nation at the peak of the four-year political cycle with the ongoing General Election, with much spending by political actors, eyes are on Governor Godwin Emefiele’s capacity to uphold his monetary policy targets given the increased liquidity ushered by political actors.  

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