In the forex market, the naira gains vs the dollar

In the forex market, the naira gains vs the dollar

Nigeria’s currency, the Naira, appreciated at the foreign exchange market on Thursday.

A Bureau De Change Operator in Zone 4 Abuja, Dayyabu Mistila, said Nigerians exchanged at N1000/$1 on Friday morning.

He attributed the gain in the country’s currency to the relative availability of FX.

The gain at the parallel market represented a N170 differential from the exchanged N1170/$1 on Tuesday.

Also, at the FMDQ data at the close of the work day on Thursday, the Naira appreciated by N22.04, exchanging at N793.28/$1 from N815.32/$1 on Tuesday.

The development comes after a report emerged that the Central Bank of Nigeria commenced clearing forex backlogs to commercial banks and airlines on Wednesday.

The Minister of Finance, Wale Edun, last week had disclosed that the country would soon receive an inflow of $10 billion in foreign currency to mitigate the forex crisis.

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