BREAKING: Again, Traders Crash Dollar Exchange Rate As Naira Appreciates

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The Nigerian currency continued to strengthen in value against the US dollar in various currency market segments......Read The Full Article>>.....Read The Full Article>>

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According to data, the naira closed at N1,535/$1 a dollar in the Nigerian Foreign Exchange Market (NAFEM) on Friday, December 6, 2024.

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Friday’s exchange rate represents a 2.0% or N32 gain against the dollar compared to the preceding day’s value of N1,567/$1.

This happened despite a 38.8%, or $111.18 million, decline in the value of forex transactions at the official market, to $175.15 million from the $286.33 million recorded a day earlier.

Naira’s strong performance is thanks, to the new foreign exchange (FX) trading system of the Central Bank of Nigeria (CBN), known as the Electronic Foreign Exchange Matching System (EFEMS).

The CBN introduced the EFEMS to eliminate distortions and enhance efficiency in Nigeria’s volatile foreign exchange market.

Naira to dollar at black market

The good news continued for the naira against the US dollar in the parallel market, also known as the black market.

Street currency traders told Legit that the dollar crashed significantly.

Abudulahhi a BDC trader said:

“The CBN’s new forex system is working; it has reduced the demand for dollars on the street. Most of us are now selling at a loss.
“As of Tuesday last week, I sold the dollar at N1,705/$1. By Friday, it was N1,580/$1 that is a mssive loss for us who bought at above N1,700”

CBN naira exchange rates