In recent months, the naira has weakened significantly in both the authorised and unauthorised market segments.
Last week, the naira appreciated significantly across both the official and unofficial markets as the federal government announced plans to boost liquidity in the foreign exchange market.
On Friday, the naira closed at both the official and unofficial markets on a positive note. According to market data published by FMDQ, the naira closed at N776.14 to a dollar on Friday. The rate implies a N17.14 or 2.2 per cent appreciation from N793.28 recorded on Thursday. Similarly, the rate indicated a 22 per cent appreciation from N993.82 the naira closed at the beginning of the week on Monday.
“The naira dropped very well this week. On Friday, we started buying at N1000 on Friday morning but we closed the market at N950/$1 in the evening,” a currency dealer who gave his name as Shuaibu told PREMIUM TIMES in an interview. He explained that President Tinubu has signed an executive order that effectively allows under forbearance all the cash that is in the domestic economy to legally come into the formal money supply.
“The recent trend in the local currency’s gains is primarily driven by news of the Central Bank of Nigeria addressing a significant portion of the dollar demand backlog. This may indicate increased FX liquidity in the coming months,” he said.
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