The foreign exchange market opened on Wednesday morning with Naira stable as the dollar was trading at N440 on the black market.
The Naira’s stability was attributed to low demand for the greenback and the activities of speculators. The Central Bank of Nigeria (CBN) had warned that speculators would lose money.
Naira gained N2 at the close of business on Tuesday as the dollar traded at N440 as against N442 traded on Monday.
At the Investors and Exporters (I&E) forex window, the market opened with an indicative rate of N387.68k on Wednesday. This represents N1.30k depreciation when compared with N386.38k opened with on Tuesday, data from FMDQ revealed.
The market closed stable at N385.50k on Tuesday the same as on Monday at I&E window. Naira also remained stable at N 361 at the CBN’s official window.
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Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
