Nigeria’s currency is losing N2.00k as the dollar is trading at N452 on Thursday compared with N450 traded since Monday on the black market.

Traders said on Thursday that there was a little increase in the demand for the greenback by the end-users.

The dollar was trading unchanged at N454 on Thursday at the retail Bureau. Also at the official window, the cost of the dollar was stable at N361.

Related News

However, the foreign exchange market opened with an indicative rate of N386.63k on Thursday morning at the Investors and Exporters (I&E) forex window. This represents a loss of N0.24k in the value of Naira when compared with N386.39k opened with on Wednesday.

At the money market, the Overnight (O/N) rate increased by 1.83 percent to close at 8.92 percent on Wednesday. The Open Buy Back (OBB) rate also increased by 1.83 percent to close at 8.17 percent.

“We expect money market rates to remain subdued as OMO maturities of ₦355.20 billion are expected to support system liquidity. However, FX intervention by CBN is likely to put upward pressure on the money market rates by the end of the week,” FSDH research analysts said.

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.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp