Naira increases 6.5% versus the US dollar

On Friday, the value of the Nigerian Naira increased to N1,230 per US dollar at the parallel segment of the foreign exchange market.

This indicates a 6.5 percent or N85 increase from the N1,315/$ price it traded on Thursday.

A profit margin of N30 is what some Bureau De Change operators (BDCs) in Lagos claim the forex traders are ready to offer when buying a dollar at N1,200 and selling it at N1,230/$.

A black market forex dealer going by the name Hamuc claimed to have received a circular that had an impact on the pricing.

Read Also: FG plans $10 billion to stabilise the naira

The local currency closed at N837.49/$ on Thursday, down N36.39, or 4.54 percent, from N801.10/$ on Wednesday at the official market.

Details from the official foreign exchange trading platform in Nigeria, FMDQ Exchange, show that the exchange rate reached a high of N891 and a low of N701, respectively.

The event transpires shortly after Finance Minister and Coordinating Minister of the Economy Wale Edun declared a few days prior that Nigeria anticipates receiving $10 billion in foreign exchange in the next weeks in order to reduce liquidity in the foreign exchange market.

President Bola Tinubu had already assured that important preparations were in motion to increase foreign exchange availability.

The Central Bank of Nigeria (CBN), for its part, declared that it would occasionally supply foreign exchange to support the naira.