BREAKING: Its No Longer N950/1$ – See The Latest Exchange Rate Between Naira And Dollar

BREAKING: Its No Longer N950/1$ – See The Latest Exchange Rate Between Naira And Dollar

On Friday, the value of the dollar relative to the naira experienced a significant decline, with the local currency trading below N1000 in the parallel market.

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This marks the first time in over a month that the naira has shown notable strength, having previously exceeded N1000.

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From N1,150 in the parallel market on Thursday, the dollar dropped to N950 by Friday evening, and even lower in the morning, registering a gain of over N200.

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Sources at the Murtala Muhammed International Airport (MMIA) in Lagos confirmed to Daily Trust that in the morning, the dollar was exchanging for N750-N800 before appreciating to N950 in the evening.

This development occurred amid interventions by the Central Bank of Nigeria (CBN), which reportedly initiated the clearance of a backlog of matured dollar obligations totaling over $7 billion.

The recipients of the CBN remittances included banks and airlines, generating positive expectations among foreign airlines operating in Nigeria.

For instance, the United Arab Emirates (UAE) carrier, Emirates, may soon resume flights to Nigeria as both countries finalize agreements that could lead to the Arab nation lifting its visa and work permit bans on Nigerians.

A Lagos bureau de change (BDC) operator, Mr. Abu Dollar, stated, “We are currently selling at N950 as I speak to you. I cannot predict what will happen tomorrow. Yesterday it was N1,150 but today it has dropped to N950 here. Tomorrow I will update you on the market situation. Just give me a call.”

Another BDC operator at MMIA, known as Mall. Ubaida, mentioned, “This evening, we are buying the dollar for N900. However, in the morning, we bought it for N800. It is coming down due to the actions of the CBN.”

He did, however, suggest that the CBN should directly supply dollars to BDC operators, believing it would further bolster the value of the naira.

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