Naira bounces back, recovers 5.2% of its lost value against US dollar in one day
On Friday, April 11, 2023, the Nigerian Naira experienced a partial recovery in its value against the US Dollar within the Investors and Exporters (I&E) as well as the Peer-2-Peer (P2P) windows of the foreign exchange (forex) market.
The recent positive development follows a significant decline in the value of the Naira on the black market, where there have been discussions surrounding the possibility of it reaching an unprecedented exchange rate of N1000 to a dollar.
According to the data provided by FMDQ, the official market, specifically the I&E window, witnessed the closure of trade on Friday, with the naira exchanging at a rate of ₦740.60 per dollar.
The observed recovery of 5.2 percent in relation to the previous day’s exchange rate of N781.34 per dollar is noteworthy.
On Friday, the Naira exhibited a commendable performance, coinciding with a substantial surge in the value of forex transactions. Specifically, the total value of these transactions escalated significantly from $58.79 million on Thursday to an impressive $164.60 million.
In the peer-to-peer (P2P) market, which is predominantly utilized by cryptocurrency traders, Daily Stand has made the observation that the Nigerian naira experienced an appreciation in value against the United States dollar on Friday, reaching a rate of ₦913.
The current exchange rate of ₦940/$1 represents a positive improvement when compared to the previous day’s rate.
The prevailing situation in the black market reflects a consistent pattern, wherein the domestic currency has experienced a marginal appreciation against the dollar. Specifically, the closing rate is ₦930/$ as opposed to the ₦945/$ rate that traders reported on Thursday.
