It was an impressive outing for Nigeria’s local currency this week, as the naira gained against the dollar.

The naira rose by 23.51% against the dollar on the official exchange platform


Black Market Dollar Rate. dollar to naira. Dollar Exchange Rate

You see when Moses Bliss sang the song ‘Miracle no dey tire Jesus.’

A lot of people jumped on that song without expecting any miracle

On Friday, a long-anticipated miracle happened at the exchange, the value of the naira gained 23.51% against the dollar in one week to close at ₦889.86/$ on the official Investors and Exporter window.


Have You Read: Naira Exchanging At ₦1260 In The Black Market

This is a ₦209.19 gain from the all-time official low of ₦1,099.05/$ it fell to last week Friday according to data from the FMDQ Securities Exchange.

The naira fell to an all-time low last Friday, to cap the local currency’s turbulent couple of months.

The ₦1,099.05/$ is the lowest rate the naira has officially closed since the Central Bank of Nigeria adopted the I&E window as the official trading channel for the naira.


On Friday, the naira opened trading at ₦901.12/$ before closing at ₦889.86/$.

Despite its recovery, the local currency is not out of the woods yet with dollar shortage persisting in the country.


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Since May, the naira has depreciated by 41% in the official market and by 30% in the black market.

The effect is the higher cost of importation and an elevated level of inflation which rose to 28.20% as of the end of November.


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