No More N1K/$: Naira’s new exchange rates to dollar in all FX markets shows CBN’s solution working

Nigerian currency has closed the first trading week of November 2023 positive against the US dollar at all the foreign exchange markets.

At the official FX window known as the Nigerian Foreign Exchange Market (NAFEM), the Naira closed at N776.14/$ on Friday, November 3, 2023.

This represents 2.2% or N17.14 increase in the value of the Naira against the dollar compared to the closing rate of N793.28/$1 on Thursday, November 2, 2023.

Data from FMDQ securities showed that the Naira improved despite a drop in FX turnover to $98.82 million, lower than the $136.11 million achieved the previous day. The good performance of the Naira follows the news that the Central Bank of Nigeria (CBN) had begun to clear some of its foreign exchange backlogs. Citibank, Stanbic IBTC, and Standard Chartered are some international banks that have received payments.

This development also helped the Naira in the black market and the Peer-to-peer segment, which is mainly used by fintechs.

While in the black market, the Naira appreciated by N160 to close at N940/$1 on Friday, compared to the previous day's value of N1,140/$.

Similarly, CBN data showed that the Naira improved against the Pound Sterling by N16.99 to settle at N966.43/£1, improving from Thursday's rate of N983.42/£1. It was also good news for the Naira against the Euro as it gained N19.06 to finish at N839.39/€1, compared to N858.45/€1.