BREAKING: Naira appreciates against dollar (See new exchange rate)

On Friday, the Nigerian currency, the Naira, saw an improvement against the United States dollar, with a black market rate of N1,230 to a dollar.

It’s worth noting that the previous day, the exchange rate stood at N1,300 per dollar, reflecting a 0.76% decrease (N10) compared to the N1,310 rate observed on Tuesday in the black market.

As per Nairametrics, the Naira reached its peak at N1,279 per dollar on Thursday evening but settled at N1,113 per dollar on Friday at the time of this report.

Nevertheless, a check conducted by SaharaReporters on Access Bank Convert FX revealed that the official exchange rate is set at N785 for 1 dollar.

Market analysts suggest that these fluctuations could be due to a lack of buyers, as very few individuals are willing to exchange at approximately N1,300 per dollar, in anticipation of potential improvements in the local currency’s value, amid a series of socio-economic challenges in the country.

Nigeria’s Finance Minister, Wale Edun, has also indicated that the country is expecting $10 billion in foreign currency inflows in the coming weeks to boost liquidity in the foreign exchange market, which has been hindering economic growth in Africa’s largest economy.

The finance minister noted that President Tinubu has issued two executive orders authorizing the issuance of domestic financial instruments denominated in foreign currencies and the transfer of all funds outside the banking system into banks.