There are indications that FX backlogs cleared by the Central Bank of Nigeria (CBN) is affecting the Naira.
Be that as it may, the currency is yet to pick up in the black market, so for anyone doing currency conversion, you need to know what the rates are today.
The Central Bank of Nigeria’s (CBN) initiative to clear its FX backlog has begun boosting confidence in the currency.
Nigeria’s local currency, the Naira made a remarkable stride appreciating by 0.6% against the dollar.
Data from NAFEM showed that the Naira closed at ₦832.47/$1 on Wednesday, 29 November 2023, in the official market.
However, the same thing cannot be said of the black-market forex platform where the value of the Naira continues to show weakness.
Have You Read: Black Market Exchange Rate Of Naira To Dollar
The exchange rate of the Naira depreciated by 0.26% in the black market, exchanging at ₦1160/$1, while peer-to-peer traders quoted around ₦1159.47/$1.
The CBN said it has made tranche payments to 31 banks to clear the backlog of foreign exchange forward obligations.
Also, it disclosed that it has set up foreign exchange frameworks to address the FX issues.
This move, it is hoped would further strengthen the naira exchange rate against the dollar in days to come.