- The Nigerian currency gained N15 naira on Monday on the black market to exchange at N775 per dollar
- The gain represents about 1.9 per cent while it traded at N445.67 at the official market, representing 0.02 per cent
- The development comes as a report emerged that foreign investors had set their forex rates
It was the beginning of a good week for the naira, which gained N15 on the parallel market, appreciating by 1.9 per cent.
It traded at N775 against the dollar on the black market on Monday, November 21, 2022.
Naira bouncing back
It had traded for between N800 and N790 to the dollar for most of last week.
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As per reporting by TheCabel. Bureau de Change operators quoted the buying rate for the dollar at N770 and the selling price at N775 per dollar.
According to the operators, those importing goods into Nigeria this December have sent their foreign exchange ahead, eliminating the need to buy the dollar.
The development may have eased the pressure on the local currency.
On the official market, the naira traded for N445.67 as of Friday, November 18, 2022, details from FMDQ said. The appreciation represents 0.02 per cent.
Investors set own exchange rate
The development comes amid a Bloomberg report saying that foreign investors have set up their exchange rate following the cacophony of rates in the country.
The report provides an authentic valuation for stocks listed on Lagos and London exchanges, citing Airtel Africa and Seplat Energy as examples.
How naira will exchange for N200 per dollar after redesign, says EFCC Chairman
Recall that Legit.ng reported that the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa has said the naira will exchange for N200 to a dollar when the Central Bank of Nigeria (CBN) is done redesigning the local currency.
As per TheCable, Bawa disclosed this in an interview with the Hausa service of Deutsche Welle, the German broadcaster on Wednesday, November 16, 2022. The EFCC boss applauded President Muhammadu Buhari for giving his consent for the naira redesign.
Bawa said the delay in not redesigning the naira periodically as stated by law has given rise to a large chunk of the currency circulating outside the banking system.