The Naira started the week on a high note as it strengthened on Friday at the official foreign exchange market compared to the US dollar.
According to official FMDQ statistics, the Naira strengthened on Friday, closing at N864.29/1$ after trading at N1099.05/$1.
The amount shows a gain of N234.76 in the local market as compared to the closing price of N1,099.05/$1 on Friday.
This occurs in spite of the fact that the dollar supply decreased from $137.35 million on Friday to $132.46 million on Monday.
In the meanwhile, the value of the Naira slightly declined in the parallel market, trading at N1185/$1 on Friday as opposed to N1180/$1.
According to reports, the Central Bank of Nigeria raised the freight clearance exchange rate from N783/$ to N952/$ in response to the foreign exchange crisis.
Remember that only two weeks ago, during the 50th anniversary of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Olayemi Cardoso, the governor of the CBN, voiced optimism over the stability of the Naira.
Notwithstanding his pledge, since the CBN launched the nation’s currency on June 14, the Naira has seen volatility in the foreign exchange market.
In response to the news, Prof. Godwin Oyedokun stated that Nigeria’s forex issue was brought on by a twin FX window, poor foreign reserves, weak economic fundamentals, and rising external indebtedness.
