Naira trades at N1,620/$ as market awaits CBN's retail dollar sales

The naira on Wednesday lost 1.04 percent of its value on the parallel market as the foreign exchange (FX) awaits the retail dollar sales through Dutch auction system by the Central Bank of Nigeria (CBN) today.

The local currency traded at N1,620 per dollar on Wednesday compared to N1,603/$1 traded on Tuesday at the parallel market also known as the black market.

Traders said on Wednesday that there was strong demand from individuals who want to travel abroad for the summer holidays.

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The apex bank planned to sell dollars in a retail auction this week. The action is aimed at easing the mounting pressure on the local currency and stabilising the foreign exchange market.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM) the naira gained 0.38 percent as the dollar closed at N1,601 on Tuesday from N1,607.15 closed on Monday, data from the FMDQ Securities Exchange Limited showed.

The dollar supplied by the willing sellers and willing buyers declined to $61.90 million, lowest since January.

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.