The Naira gained N15 against the dollar at the parallel foreign exchange market in the past five days, Media Talk Africa reports.
Analysis of the week’s FX data showed that the Naira strengthened at the black market on Wednesday, Thursday, and Friday to close at N1,565 per dollar from N1,580 on Monday in the week under review.
In contrast, at the official market, the Naira dropped marginally against the dollar to stay at N1507.8 per dollar, according to the Central Bank of Nigeria’s Thursday Data.
Media Talk Africa observed that Friday’s data is yet to be released on the CBN website.
The development showed that across the county’s FX markets, the Naira had maintained both gains and losses in the past days.
Speaking on how FX rate can affect inflation, the President of Lagos Chamber of Commerce and Industry, Benson Idahosa, said that an exchange rate of N1,300 per dollar would reduce Nigeria’s inflation rate.
CBN is expected to roll out fresh monetary policy in its 299th Monetary Policy Committee scheduled to hold February 19 and 20, 2025.
