Nigeria’s currency on Friday remained stable at between N460 and N461 to the dollar on the black market as demand remained moderate.

However, with indices of 5.3 points, consumers anticipate the naira to appreciate in the next 12 months according to third quarter (Q3) 2020 Consumer Expectations Survey (CES) released on Friday by the Central Bank of Nigeria (CBN).

The foreign exchange market has been under pressure since March 2020 following a sharp drop in oil prices as a result of Covid-19 pandemic.

At the Bureau De Change (BDC) segment of the foreign exchange market, naira weakened by N1.00k as the dollar closed at N461 on Friday as against N460 on the previous day.

The local currency lost N0.33k on Friday as the dollar was quoted at N386.00k compared with N385.67k quoted on Wednesday before the holiday on Thursday, at the Investors and Exporters (I&E) forex window, data from FMDQ indicated.

Earlier, the market opened with an indicative rate of N386.63k on Friday, which represented N0.74k depreciation over N385.89k opened with on Wednesday.

The foreign exchange daily turnover declined by 47.32 percent to $73.01 million on Wednesday from $138.60 million recorded on Tuesday at the I&E window.

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.

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