- The Nigerian Naira recorded a poor performance against the US dollar in the foreign exchange market
- At the unofficial market, the Nigerian currency depreciated, while in the official market, the Naira appreciated
- The Central Bank of Nigeria's new management team have a tough job ahead to create stability in the market
The Nigerian currency, the Naira, closed last week's trading with mixed fortunes in the foreign exchange (FX) market.
While it depreciated against the US Dollar in the Investors and Exporters (I&E), the official market, and Peer-to-Peer (P2P) window, Naira recovered its lost value in the black market.
Legit.ng had reported that on Thursday, September 21, 2023, the naira hit a historic low of N1,000 against the US dollar in the black market.
However, there was an improvement the following day, Friday, September 22, 2023, as the Central Bank of Nigeria announced the resumption of Olayemi Cardoso as the next head of the apex bank in an acting capacity, pending his confirmation by the Nigerian Senate.
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Naira recover against the dollar
Checks by Legit.ng show that the Nigerian currency gained N10 against the dollar in the black market, finishing at N990/$1 on Friday, in contrast to Thursday's exchange rate of N1,000/$1.
In the P2P segments, the naira fell against the dollar by N1, quoting at N993/$1 compared to the preceding session's value of N992/$1.
The continued forex scarcity has also increased pressure on the naira in the official market.
According to data from FMDQ securities at the I&E window, the naira lost N9.76 or 1.32 percent against the dollar, closing at N747.76/$1, as opposed to the previous day's rate of N738.00/$1."
No plans to make $1 equal N1.25, CBN says, warns commercial banks about spending FX gains recklessly
Meanwhile, in another report, Legit. ng reported that the Central Bank of Nigeria (CBN) has denied viral social media reports, saying it plans to introduce a new foreign exchange policy to make the naira equal to the US dollar.
CBN made the denial on its Twitter page as it reacted to the report on Wednesday, September 13, 2023.
However, on Monday, September 11, 2023, it instructed commercial banks not to use the foreign exchange revaluation gains from the 60% naira devaluation to pay dividends or other operational costs.