The Nigerian Naira experienced a decline on the parallel or black market, falling to N1,010 per dollar, representing a 0.19% decrease compared to the previous exchange rate of N1,008 per dollar. This follows a period of relative stability in the exchange rate on the black market.
Additionally, at the Investor’ and Exporters’ (I&E) forex window, the Naira depreciated by 4.27%, with the dollar being quoted at N773.54, compared to N741.85 on the previous trading day. The daily FX market turnover increased by 74.39% to $96.58 million.
Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, emphasized the need for strategic and transparent intervention by the Central Bank of Nigeria (CBN) in the forex market to reduce volatility, while considering the level of reserves available to support such interventions. The exchange rate situation in Nigeria is subject to various economic factors and government policies.
