Naira in confusion since it rises in the peer-to-peer and illegal markets yet declines in the official market.

Naira recorded a mixed trading performance against the United States dollar on Thursday, November 17, 2023. At the official market, the naira continued to depreciate, while in the black market, it improved in value.....CONTINUE READING

Official Market

At the official market, the naira lost N22.15 or 2.71% against the dollar, closing at N841.14/$1. This was a significant decline from Wednesday’s exchange rate of N818.99/$1. The naira reached an all-time low of N1,140/$1 during the trading session.

Black Market

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In the black market, however, the naira appreciated against the dollar, gaining 0.88% to N1,125/$1. This was a slight improvement from the previous day’s rate of N1,135/$1.

Peer-to-Peer Market

In the Peer-to-Peer (P2P) window, the naira depreciated against the dollar by N1 to settle at N1,114/$1, compared with the previous day’s N1,113/$1.

Other Currencies

In the official market, the naira gained N18.10 against the Pound Sterling to sell at N1,029.74/£1, compared with N1,047.84/£1. It also improved against the Euro by N12.82 to close at N898.45/€1, compared with N911.27/€1.

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CBN Intervention

There are expectations that the Central Bank of Nigeria (CBN) will soon have enough dollars to meet local demand for forex and ease pressure on the naira. Yemi Cardoso, the CBN governor who took office in September 2023, has been silent about where he wants to see the trading band for the naira or when further liquidity might be injected into the market.