Different Tales For Naira At Official, Parallel Markets

The Naira showed notable improvement against the dollar at the official foreign exchange market on Thursday.

Data from the Nigerian Foreign Exchange Market revealed that the Naira strengthened to N1,567 per dollar, rising from N1,608 recorded on Wednesday. This marked a gain of N41 within a day.

However, in the black market, the Naira weakened. It closed at N1,715 per dollar on Thursday, compared to N1,700 on Tuesday, reflecting a decline of N15 in value.

This fluctuation follows recent foreign exchange measures introduced by the Central Bank of Nigeria (CBN). At the end of November 2024, the CBN announced new FX policies aimed at improving the market.

The bank instructed financial institutions to adopt the Bloomberg BMatch system for FX trading starting December 2, 2024. Additionally, the minimum trading limit was increased from $50,000 to $100,000 to enhance liquidity and trading efficiency.

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