The Naira has rebounded, gaining strength against the dollar at the official foreign exchange market just a day after experiencing depreciation.
According to Central Bank of Nigeria (CBN) exchange rate data on Tuesday, the Naira climbed to N1,525 per dollar, improving from Monday’s rate of N1,538.50. This marks a notable N13.5 appreciation compared to the previous day’s trading figures.
In contrast, the parallel market showed no such recovery. The black-market exchange rate for the Naira dropped further, closing at N1,665 per dollar on Tuesday, down from N1,630 on Monday.
This fluctuation comes after the Naira’s initial depreciation on Monday, the first since the Central Bank introduced the Electronic Foreign Exchange Matching System (EFEMS) designed to enhance transparency in FX transactions.
Economists remain hopeful that sustained gains in the FX market could positively influence the cost of imported goods, providing some economic relief.
