On Friday at the official market, the naira appreciated by 0.06 percent against the dollar.
The naira closed at N445.50 per dollar on Friday, with $94.07 million recorded as foreign turnover compared to $166.88 million (46.63%) posted on Thursday, according to data posted on FMDQ websites, where forex is officially transacted.
Before ending at N445.50 per $1 on Friday, the last business day of the week, the local currency fluctuated within an intraday range of N431.00 and N447.00.
However, despite the central bank’s decision to restructure Nigeria’s currency, the local unit was declining at the black market on Friday due to soaring demand for hard money.
The dollar was exchanged at N880.00 and sold at N885.00 on Friday, according to currency dealers at the Abuja Zone 4 market, as opposed to N870.00 on Thursday.
The CBN’s recent decision to redesign our currency has led to a large influx of people who are come to swap dollars for bags of naira. Therefore, without considering the exchange rate, individuals are rushing to convert their naira to dollars, a dealer at the Zone 4 market told PREMIUM TIMES.
He clarified that the high exchange rates at the unauthorized window are caused by the ongoing pressure to convert naira notes to dollars. The foreign exchange trader predicted that the dollar would drop after the CBN’s deadline.
The dollar was swapped for N875.00 at the Uyo Udi Street market, according to currency dealers, but it is now being offered for over N920.00.
“This is not a set-price transaction for the dollar. According to a cash vendor on Udi Street, people are selling it nevertheless.
