Naira Gains Strength Against The Dollar At Black Market.
The Nigerian Naira began the week with an encouraging appreciation against the dollar at the foreign exchange market, trading at ₦1,730 per dollar on Monday. This marks a ₦5 improvement compared to the previous week’s close of ₦1,735 per dollar.
A Bureau De Change operator, Abubakar Alhassan, confirmed the development, noting a steady upward trend in the Naira’s value in recent days.
This positive trajectory comes on the heels of the Central Bank of Nigeria’s (CBN) recent announcement of an FX electronic matching system aimed at stabilising the foreign exchange market. Speaking at the 59th annual bankers’ dinner organised by the Chartered Institute of Bankers on Friday, CBN Governor Olayemi Cardoso highlighted the initiative’s importance.
“To further enhance the functionality of the foreign exchange market, we are introducing an electronic FX matching system, which has proven effective in other markets,” Cardoso stated.
The introduction of this system is part of the CBN’s broader strategy to address persistent fluctuations in the FX market, which have continued despite various interventions in recent months.
Market analysts are optimistic that the new electronic FX system will contribute to a more stable and transparent market, fostering confidence among investors and traders alike.
As the week progresses, stakeholders will be watching closely to see if the Naira’s performance can be sustained, particularly in the face of ongoing economic challenges.