"N1000/$": Naira Recovers 5.2% of Its Lost Value Against US Dollar, Ends Week on High
- The value of the naira at the official and black foreign exchange markets improved against the US dollar
- This is coming amid fears by speculators and concerned Nigerians that the naira's value could exchange at N1000 a dollar
- Since the CBN floated the naira, the value of the Nigerian currency has fallen to a record low, and it may get worse
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The Nigerian naira recovered some of its lost value against the US Dollar in the Investors and Exporters (I&E) and the Peer-2-Peer (P2P) windows of the foreign exchange (forex) market on Friday, April 11, 2023.
This good news is coming after the naira fell to a record low on the black market, with speculations of N1000 to a dollar.
Source: Getty Images
Naira exchange rate to dollar at official market
In the I&E window, which is the official market, data from FMDQ shows that the naira closed trade at N740.60 to a dollar on Friday.
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This represents a 5.2 % or N40.74 recovery compared to N781.34 per dollar it exchanged the previous day.
Naira's good performance on Friday happened as the value of forex transactions increased massively to $164.60 million from $58.79 million recorded on Thursday.
Naira exchange rate to dollar at unofficial markets
In the P2P market, used mainly by crypto traders, Legit.ng observed the naira also appreciated exchanged on Friday at N913 against the US dollar.
This is an improvement compared to the previous day's exchange rate of N940/$1.
It is the same scenario at the black market as the domestic currency appreciated slightly against the dollar to close at N930/$ compared to N945/$ quoted by traders on Thursday.
Over N29bn spent printing new naira notes and throwing away old ones
Meanwhile, in another report, Legit.ng revealed that the CBN had provided a breakdown of its financial performance and expenses undertaken during the 12 months of 2022.
Part of the expenses recorded is the over N29 billion spent on printing naira notes and disposing of the bad ones.
The CBN destroys unfit banknotes regularly under strict security and with the authorisation of Section 18(d) of the CBN Act 2007.
Source: Legit.ng
