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Naira Watch

Naira stabilises at official market, gains N3 at black market

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Naira closes strong against U.S dollar on Tuesday

On Thursday, the Naira exchanged at N429.38 to the dollar at the CBN’s Investors and Exporters window.

This is the same value Naira exchanged for on Wednesday at the official market

FMDQ securities data showed that the open indicative rate closed at N427 to the dollar on Thursday.

An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N429.38.

Read also: Nigerian govt expects Naira value to drop by 6.19% in 2023

The Naira sold for as low as 417 to the dollar within the day’s trading.

During the day trading, a total of 63.3 million dollars was traded in foreign exchange at the official Investors and Exporters window on Thursday.

Naira also recorded a positive trade on the black market on Thursday.

Bureau de Change operators who spoke to Ripples Nigeria confirmed Naira gained N3 to exchange at N677/$ on Thursday compared to N680 on Wednesday.

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