- Nigerian currency, the Naira, has reacted to the confirmation of Olayemi Cardoso as the new CBN governor
- At the official market, there was a positive outcome, but at the black foreign exchange market, the pressure continued
- On Tuesday, Cardoso defended his nomination by President Tinubu before lawmakers and outlined various plans to stabilize Naira
Naira recorded a mixed trading day against the United States Dollar at the official and unofficial market as Senate confNaira the nomination of Yemi Cardoso as CBN governor on Tuesday, September 26, 2023.
Legit.ng reported that Cardoso was confirmed alongside four deputies to pilot the affairs of CBN for the next five years.
Naira performance at official market
Data from FMDQ securities showed that at the Investors and Exporters (I&E), the official market, the Naira closed on Tuesday at N755.08 against the dollar.
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This represents an improvement of N18.17 or 2.3% compared to Monday's closing rate of N773.25/$1.
The improvement happened as the value of forex transactions to the market increased to $135.98 million from $89.61 million reported on Monday.
Naira to dollar at the black market
It was, however, a different story for the Naira at the unofficial Peer-to-Peer (P2P) and black market arms of the foreign exchange (FX) market.
Similarly, at the Peer-to-Peer (P2P) forex market, used mainly by crypto traders, the Naira exchanged to the dollar at N1,008.
Naira vs. Pounds and Euro
The Central Bank of Nigeria reports that the Naira against the British Pound sells at the official market at N924.85/£1, but in the black market, it goes for N1,265/£1.
For the Euro at the official market, Nairanged at N829.54/€1 in the official market and N1055/€1 at the black market.
Reacting to naira exchange rate, Kelvin Emmanuel a finance expert and development economist and also CEO, Dairy Hills called on the new CBN team, the finance minister to take a drastic action or a dollar will sell for N1.200.
"If they don't take drastic action by taking foreign loan maybe inter or intra central bank lending which is something I expected they should have done 3 months ago, we are most likely going to see the exchange rate at one dollar to N1,150 or N1,200"
Pastor Adeboye predicts Naira's glorious days will return
In another report, the General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has predicted that the Naira will bounce back against the dollar.
Adeboye gave this prediction during his church's monthly Thanksgiving service with the theme; 'Uncommon Miracles' on Sunday, September 3, 2023.
He told his congregation not to worry, assuring them that the Naira's glorious days would return.