Naira gains on the black market but falls at the official window

The Nigerian Naira saw a small decline in value relative to the US dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM), but it appreciated on the black market.

The local currency fell to N854.61/$1 on Wednesday, as per FDMQ statistics, from N844.85/$1 to a dollar at the conclusion of trading on Tuesday.

On the other hand, there is relief in the nation’s black market, where the Naira saw a slight increase on Wednesday, moving up to N1,228/$1 from N1,238 exchanged the day before.

In a similar vein, the value of the Naira increased in relation to the Great Britain Pounds (GBP), ending on Wednesday at N1,560/£, up from Tuesday’s closing rate of N1,570.

Speaking on Wednesday of last week before the National Assembly joint committee on Banking and Insurance, Olayemi Cardoso, the governor of the Central Bank of Nigeria, stated that the nation’s currency rate concerns should lessen in 2024.

“Exchange rate pressures are also expected to reduce significantly with the smooth functioning of the foreign exchange market,” he said.

The top bank announced FX reforms on June 14, and since then, the value of the naira has fluctuated in the foreign exchange market.

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