Naira Fights Back, Gains N7 Against Dollar In Black Market

The Nigerian naira has shown slight improvement against the dollar in the parallel foreign exchange market.

A currency trader in Wuse Zone 4, Abuja, noted that the naira appreciated to N1748 per dollar on Wednesday, compared to N1755 recorded on Tuesday. This marks a gain of N7 within 24 hours in the black market.

In contrast, the official exchange rate showed a marginal decline. The naira closed at N1660.83 per dollar on Wednesday, down from N1659.40 on Tuesday, reflecting a slight drop of N1.43.

Foreign exchange transaction turnover also saw a significant reduction, falling to $337.03 million on Wednesday from $425.98 million recorded the previous day.

The development follows the Central Bank of Nigeria’s recent policy adjustment, which introduced a new Electronic Foreign Exchange Matching System (EFEMS) and set a minimum trade threshold of $100,000.

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