Naira to dollar has gained at forex market
Nigeria witnessed a positive turn in its currency market as the Naira gained strength, offering relief to citizens and businesses. On Thursday, the Naira showed significant improvements in both the parallel market and official exchange rates.
Dollar to Naira black market exchange rate today Nov 3, 2023
In the parallel market, Nigerians exchanged their currency at an impressive rate of N1000/$1 on Friday morning, marking a substantial gain. This was in contrast to the N1170/$1 rate observed just a couple of days earlier on Tuesday.
At the close of the business day on Thursday, data from the Financial Markets Dealers Quotations (FMDQ) showed a commendable appreciation of the Naira to Dollar. It exchanged at N793.28/$1, compared to N815.32/$1 on the previous Tuesday, marking a notable increase of N22.04.
Naira to dollar positive trend.
The positive trend in the Naira’s value can be attributed to the relative availability of foreign exchange (FX) in the market. This development follows reports of the Central Bank of Nigeria initiating the clearance of forex backlogs for commercial banks and airlines on Wednesday.
This step to alleviate the foreign exchange crisis came after the Minister of Finance, Wale Edun, disclosed last week that Nigeria is expecting an influx of $10 billion in foreign currency. This inflow is anticipated to bring relief to the forex market, helping stabilize the Naira and providing much-needed respite for businesses and citizens grappling with the challenges posed by the previous forex crisis.
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The improvement in the Naira’s value signals a positive turn for Nigeria’s economy and provides hope for a more stable currency market in the near future.
