Naira Increases on the Black Market and Reaches 750/Dollar.

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The naira’s value versus the dollar increased at the parallel market, where it closed on Wednesday at N750 as opposed to N763 the previous day. On Tuesday, the Naira rose against the US dollar by N7 after starting the day at N770.

According to information from the FMDQ and Central Bank of Nigeria, the naira’s performance was mainly negative at the official market and Investors & Exporter window, where it declined by 0.03 percent and 0.04 percent, respectively, to settle at N461.60/USD and N464.67/USD.

In his inauguration address on Monday, President Bola Tinubu urged the Central Bank of Nigeria to move toward a single exchange rate.

The CBN has a system of numerous exchange rates with various rates adopted by different segments of the economy. The World Bank had also in the recent weeks called for the unification of the exchange rate.


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