Business
Naira Gains N126 Against Dollar In 48 Hours
By Benjamin Abioye
The Nigerian Naira gained N126.64 against the US dollar at the official foreign exchange market within a span of 48 hours.
According to data from FMDQ, the Naira appreciated from N1667.42 per dollar on Wednesday to N1540.78 per dollar on Friday.
This indicates a significant improvement in the Naira’s value between Thursday and Friday, reflecting the Central Bank of Nigeria’s (CBN) intervention in the foreign exchange market during the week.
On a weekly basis, the Naira also showed a slight appreciation, trading at N1540.78 on Friday compared to N1541.52 per dollar the previous week.
The appreciation came after the CBN sold foreign currency to eligible Bureau De Change (BDC) operators at a rate of N1590 per dollar on Wednesday. The move appears to have positively impacted the official FX market.
However, despite the CBN’s intervention, the Naira weakened in the black market, trading at N1700 per dollar on Friday, down from N1663 per dollar the previous week. This suggests that challenges remain in the unofficial market despite the gains seen at the official level.
The fluctuations in the exchange rate indicate ongoing volatility in the Nigerian currency market, with different segments reacting differently to CBN’s efforts to stabilize the Naira.
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