The Nigerian currency, the naira, has recorded a good performance at the official foreign exchange market Data shows that the Naira increased in value by 51.38% against the US #dollar at the investors' and exporters' window This followed the Central Bank of Nigeria's promise to continue intervention in the forex markets to help the naira.
Speaking with journalists at the end of the 2-day Monetary Policy Committee meeting on Tuesday, July 25, 2023, the acting Governor, Folashodun Shonubi said: "The role of the central bank is to intervene and keep the market at a fairly stable level. We have our views as to what that level is, and as the market continues to oscillate around that level, if there's a need for us to intervene either by buying or selling, that's the role of the central bank, and we will continue." Data obtained from FMDQ securities that tracked the naira performance at the investors and exports window shows the naira closed at N740.08/$1 on Wednesday. This represents a massive N51.34 or 6.5 percent improvement when compared to Tuesday's rate of N791.42/$1. During trading on Wednesday, there was an increase in liquidity thanks to CBN intervention as the market FX trades rose by 197.3 percent or $101.73 million to $153.28 million from $51.55 million on Tuesday. Nairto dollar black market rate It was a mixed performance for the naira at the unofficial markets.
But in the parallel market, the Naira lost N3 against the American Dollar to trade at N870/$1 compared with the preceding session’s N867/$1. CBN speaks on license status of 2,698 BDCs as Naira falls again The Central Bank of Nigeria has responded to reports that it withdrew over 2,000 Bureau de Change operators' licenses The reports of withdrawal come amid the continued depreciation of the naira at the official and black markets The #CBN and the Bureau De Change Operators of #Nigeria spoke with Legit.ng to set the records straight