Showing consistency, the Nigerian currency, the Naira, has made significant moves against the dollar in the black market.
Financial experts suggest that whatever magic the CBN is conducting is working.
The naira appreciated to N1,500 against the dollar in the black market on Thursday, a significant move from the N1,505 traded on Wednesday.
Abubakar Alhasan, a BDC operator selling his services at Wuse Zone 4 in Abuja, said that “dollars are sold at a minimum rate of N1,500 per dollar on Thursday from N1,505 the previous day.”
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This simply means the naira moves by N5 against the dollar in the black market FX.
According to the Central Bank of Nigeria’s official data, the naira traded for N1,509.03 per dollar as of Wednesday from N1,507.2 traded on Tuesday.
This shows there is not much difference between the official rate and the black market rate.
Meanwhile, the CBN has decided not to push up or push down its interest rate at the just concluded 299th Monetary Policy Committee meeting held on February 19 and 20, 2025. The committee voted to hold the MPR at 27.5%.
Also, the 2025 budget of N59 trillion presented by President Bola Tinubu also benchmarked the dollar at N1500.
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