Another small gain for the Naira against the US Dollar was seen on the foreign exchange market on Wednesday. According to official figures from FMDQ, the value of the Naira dropped from N881.88/$1 on Tuesday to N831.47/$1 on Wednesday.
The official forex market value of the naira has gone up by N50.41 since yesterday, when it was worth N881.88 to $1.
On the official market, this is the first time since Monday that the Naira has gone up against the dollar.
On the other hand, the Naira lost a little value on the black market, going from N1145/$1 on Tuesday to N1160/$1 on Wednesday.
From the amount it traded for the day before, this is a N15 drop
A bureau de change worker in Wuse Zone 4 named Dayyabu Mistila said that on Thursday morning, he is selling US Dollars for N1160/$1 and getting them for N1,150/$1.
Also, Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), said at the Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary event last week that the changing exchange rate was making it harder for businesses to grow. He promised that the bank would be open and fair to everyone as it did its job.
“I’m sure and optimistic that we can fix fundamental problems and restore macroeconomic stability by taking the right corrective actions and strategic steps,” he said.
Bear in mind that Cardoso had missed the second meeting of the Monetary Policy Committee since becoming head of the CBN in September.
Since the Central Bank of Nigeria (CBN) made changes to the FX market in June of this year, it has continued to be in a crisis.
