- The Nigerian currency, the naira, appreciated further in the official market for the fifth consecutive day
- Traders in the official market sold the dollar at N1,300 per dollar as against the n1,385 it traded the day before
- Black market dealers sold the dollar at N1,300 as against the N1,350 it was traded the day before
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The exchange rate between the naira and the dollar closed at N1,300 per dollar on Wednesday on the official market, which analysts say is the strongest performance against the dollar in eight weeks.
Information from the Nigerian Autonomous Foreign Market (NAFEM) indicates that the naira rose to N1,300 per dollar on the official market.
Credit: Bloomberg/Contributor
Source: Getty Images
Also, the exchange rate in the parallel market hovered between N1,250 and N1,300 for cash and inflows.
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Naira makes the highest gain in eight weeks.
The development comes as speculations became rife on Wednesday, March 27, 2024, that Bureau de Change (BDC) operators crashed the dollar to N1,000 per dollar.
However, findings revealed that the reported crash was a hoax as black market traders disclosed that there was no such thing.
The black market operators debunked the claims, saying there was no truth in the report.
Black market dealers speak about the dollar crash
A report on X (formerly Twitter) claimed that black market dealers in Abuja have further crashed the dollar price to N1,000 per dollar after buying at N900.
The report said:
“This morning, at Zone 4 Abuja, along the Sheraton Hotel, the dollar is selling at N1,000 – $1. Abdulsalam BDC is selling N900 if buying over $5,000.
“There’s a mad rush to dispose of dollars at Zone 4. The dollar in the parallel market sells lower than the official market.”
Punch reports that one Abdulsallam BDC said on Tuesday, March 26, 2024, that there is no such thing as contained in the report.
The naira closes strong against the dollar
Per information from the FMDQ, the exchange rate closed at N1,300.43 on Wednesday, March 27, 2024, the strongest since January 2024, when the exchange rate closed at N891.9 per dollar.
Reports say that traders quoted the dollar at an intraday high of N1,400 and a low of N1,200 per dollar.
Traders quoted the naira at an intraday high of N1,400 per dollar and a low of N1,200.
Forex turnover for the day stood at N$416 million, marking the largest FX volume recorded since February 6, 2024.
Total weekly turnover hit $946 million, and $3.7 billion for March.
The development is a decline compared to the $4.67 billion recorded in February this year.
On Wednesday, March 27, 2024, Legit.ng reported that the currency in circulation hit an all-time high of N3.69 trillion, the highest since Olayemi Cardoso became CBN governor.
CBN announces changes to Customs forex rate
Legit.ng previously reported that the continued gain of the naira in the official and parallel markets has brought some relief to importers as the Central Bank of Nigeria (CBN) again slashed the exchange rate for Customs duties at Nigerian ports by three per cent.
The apex bank reviewed the FX duties downward from N1,448.386 per dollar to N1,405.466 on Tuesday, March 26, 2024.
The apex bank reviewed the FX duties downward from N1,448.386 per dollar to N1,405.466 on Tuesday, March 26, 2024.
Source: Legit.ng
