At the Investors and Exporters window on Friday, the Naira, the currency of Nigeria, was worth N445.33 to the dollar, an increase of 0.11% from the 445.83 it was worth on Thursday.
According to information obtained by Akahi News, the open indicative rate settled on Friday at N444.75 per dollar.
On Saturday, December 3, 2022, the Naira to Dollar exchange rate decreased from N745/$ to N726/$ at the parallel market, which is more commonly referred to as the “black market.”Despite an unstable economy, the country’s foreign exchange market has continued to fluctuate.
Mr. Idakolo Gbolade, a specialist in financial inclusion and wealth management, stated in response to the development that the increased supply of dollars on the black market may be the cause of the rise in the naira.
“The main reasons for the appreciation of the Naira against the Dollar in the past few days have been as a result of an increase in dollar supply in the black market and the corresponding low demand for the greenback,” he stated.
“A lot of activities and exchanges were taking place between the Naira and the Dollar, which caused the rate to shoot to the roof, in addition to the fact that the CBN was also not earning enough forex to support the Naira at that time, which caused the Naira redesign policy of the CBN to cause scarcity of the US dollars.
“Until CBN policies begin to gain ground to further strengthen the Naira and improve the economy, these fluctuations will continue into the next year.”