Dollar bows as Naira stages remarkable recovery in both official and black markets

Information obtained from the FMDQ Exchange’s official trading platform, which supervises the Nigerian Autonomous Foreign Exchange Market, indicates that the naira experienced an increase of N88.23.

This uptick reflects a 7.16% rise compared to the preceding trading session on Monday, April 8, when it was valued at N1,230.61 per dollar prior to the Sallah holiday.

According to the News Agency of Nigeria, in the Investor’s and Exporter’s window, the naira was seen trading within the range of N1,265 and N1,100 in relation to the dollar.

Additionally, the naira exhibited appreciation, reaching N1,150 per dollar within the parallel section of the foreign exchange (FX) market, according to TheCable report.

Currency traders operating in Lagos, commonly referred to as Bureau de Change (BDC) operators, set the buying rate of the dollar at N1,110 and the selling rate at N1,150, thereby maintaining a profit margin of N40.

One of the operators, Alhaji Danladi Musa, who spoke with Legit.ng said that the exchange rate is coming down drastically due to the central bank policies.

He said: “We have seen the naira appreciate since the CBN decided to resume selling dollars to us. Presently, individuals hoarding dollars are offloading them to mitigate potential losses.

This trend has alleviated the pressure to acquire dollars, evident in the significant improvement of the naira’s value over the past few weeks.”

The total daily turnover surged to $281.34 million on Friday, a notable increase from the $125.55 million recorded on Monday.