The exchange rate between the naira and the dollar closed at N1,300 per dollar on Wednesday on the official market, marking its strongest performance in eight weeks, according to analysts.
Data from the Nigerian Autonomous Foreign Market (NAFEM) revealed that the naira surged to N1,300 per dollar on the official market. In the parallel market, the exchange rate fluctuated between N1,250 and N1,300 for cash and inflows.
Speculations arose on Wednesday, March 27, 2024, suggesting that Bureau de Change (BDC) operators had reduced the dollar to N1,000. However, black market traders dismissed these claims as unfounded.
Abdulsalam BDC, responding to the reports, stated, “There is no such thing as contained in the report.”
The Forex turnover for the day amounted to N$416 million, marking the highest FX volume recorded since February 6, 2024. Despite this, total weekly turnover reached $946 million, and $3.7 billion for March, showing a decrease compared to February’s $4.67 billion.
Furthermore, Legit.ng reported that currency in circulation hit an all-time high of N3.69 trillion on Wednesday, March 27, 2024, the highest since Olayemi Cardoso assumed office as CBN governor.
In response to the naira’s continued gain, the Central Bank of Nigeria (CBN) revised the exchange rate for Customs duties at Nigerian ports downward by three percent, from N1,448.386 per dollar to N1,405.466 on Tuesday, March 26, 2024.