Fakoyejo OlalekanThe Naira regained its strength against the United States currency on Friday at the peer-to-peer, as sellers were willing to trade one dollar for N612.59. This was in contrast to the selling price of N612.85/$1 on Thursday.
Meanwhile, in the official exchange market, Investors & Exporters window, over $201.81 million were traded on Thursday, surpassing the $71.99 million reported the previous day, reflecting a difference of $129.82 million, and appreciating by 180.3%.
On the back of the increased trades in the Investors & Exporters window, which is housed in FMDQ Exchange portal, naira appreciated marginally by 0.05%, to exchange at N420.17 for one dollar, having traded at a higher level of N420.50/$1 a day before.
This follows the declaration by the Central Bank of Nigeria (CBN) that it will continue to sell forex for foreign school fees, after unconfirmed reports claimed that the financial regulator is planning to seize providing FX.
CBN’s Director, Corporate Communications Department, Osita Nwanisobi, said the apex bank will continue to meet legitimate demands, and overseas tuition fees is among. He said the report was false and should be disregarded by Nigerians.
The Nigerian currency wasn’t so lucky in the black market, were Bureau De Change operators only sold the dollar at 0.66% higher than the N607 that buyers obtained the foreign currency on Wednesday. At the end of Thursday’s session, the price was N611/$1.
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