According to FMDQ data over the past seven days, the Naira advanced by N42.88 weekly in comparison to the dollar in the foreign exchange market due to the launch of the Retail Dutch Auction System (RDUS) by the Central Bank.
On Friday, August 2, 2024, the Naira was exchanged at N1617.08 per Dollar, but it dropped to N1,574.20 this Friday at the official market.
However, the Naira maintained the same rate at the black market during the review period.
Last week, the Nigerian currency was exchanged between N1600 and N1605 per Dollar and the same rate was observed this Friday.
The Naira’s gains are associated with the CBN’s introduction of the RDUS in the FX market on Wednesday.
The central bank revealed that on Wednesday, it sold $876.26 million to 26 banks at a rate of N1,495 per Dollar.
The Naira’s improvement occurred amidst the #EndBadGovernance protests which began last Thursday, affecting economic activities in some states in the country.