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The Nigerian naira exhibited strength against the dollar, marking a positive trajectory on Thursday as it concluded trading at 740.67/$ on the Investor & Exporter forex window.
This upward movement in the naira’s value follows a series of gains triggered by the Central Bank of Nigeria’s announcement of an intended forex market intervention earlier in the week. During Wednesday’s trading, the naira had settled at 773.17/$ on the I&E window.
In the parallel market, Yusuf Kareem, a representative of a Bureau de Change, revealed that the naira was being bought and sold at N835 and N850 on Thursday. The value was reportedly consistent with Wednesday’s trading levels.
Aminu Gwadabe, the President of the Association of Bureau De Change Operators of Nigeria, highlighted that the Central Bank’s declaration had indeed impacted the forex market. He emphasized that the Central Bank’s message aimed to recalibrate supply and counteract illicit economic activities among market participants, which, in turn, contributed to the recent strengthening of the naira.
Gwadabe also stressed the necessity of policies aimed at democratizing and diversifying market participants, particularly with the emerging model of willing buyers and sellers. He additionally advocated for leveraging Bureau de Change operators to deepen the market and enhance product scope flexibility.
The Acting Governor of the Central Bank, Folashodun Shonubi, after briefing President Bola Tinubu on the bank’s measures to curb the naira’s depreciation, stated that new strategies were in the pipeline to stabilize the naira against the dollar. Moreover, the Nigerian National Petroleum Limited secured a $3 billion emergency loan on Wednesday, contributing to efforts aimed at stabilizing the naira’s value.
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