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Naira Appreciates Against Dollar at Black Market

Posted by Lawal Munirat on December 3, 2024 0

Dollar ecall that at the weekend, the Central Bank of Nigeria announced an FX electronic matching system to ensure the Naira’s true value is restored.

The Naira has gained against the dollar at the black market.

This is according to  Bureau De Change Operator, Abubakar Alhassan in a statement to DAILY POST.

Alhassan stated that the dollar-to-Naira exchange rate closed at N1730 on Monday from N1730 on Friday.

This represents a N5 appreciation against the dollar compared to the N1735 per dollar it closed last week Friday.

Recall that at the weekend, the Central Bank of Nigeria announced an FX electronic matching system to ensure the Naira’s true value is restored.

CBN governor Olayemi Cardoso, at the 59th annual bankers dinner organised by the Chartered Institute of Bankers on Friday, said, “To further enhance the functionality of the foreign exchange market, we are introducing an electronic FX matching system, which has proven effective in other markets.”.

The past months, the fluctuations in the FX market had continued despite CBN’s interventions

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