On Wednesday on the foreign exchange market, the value of the Naira slightly increased in relation to the US dollar once more.
The Naira declined to N831.47/$1 on Wednesday from N881.88/$1 on Tuesday, according to official data from FMDQ.
In comparison to the N881.88/$1 exchange rate the day before, this indicates an increase of N50.41 at the official foreign currency market.
Since Monday, this is the first time the Naira has strengthened vs the dollar on the official market.
in the other hand, the Naira saw a little decline in value in the parallel market, moving from Tuesday’s value of N1145 to N1160/$1 on Wednesday.
This is a N15 devaluation from the amount it traded for the day before.
Dayyabu Mistila, a Bureau De Change Operator in Wuse Zone 4, revealed that on Thursday morning, he is purchasing US dollars for N1,150/$1 and selling them at N1160/$1.
Speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 50th anniversary event last week, Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, stated that the fluctuating exchange rate was impeding the growth of businesses and pledged to be open and equitable to all as the bank carries out its duties.
He said, “I’m confident and optimistic that we can address fundamental flaws and restore macroeconomic stability by taking appropriate corrective actions and strategic steps.”
It should be recalled that this was Cardoso’s second failed attempt to schedule a meeting of the Monetary Policy Committee since taking over as CBN governor in September.
The instability in Nigeria’s foreign exchange market has persisted since the CBN implemented reforms in June of this year.