The foreign exchange market opened on Tuesday morning with Naira appreciating by N0.25k as the dollar was trading at N387.63k, compared with N387.88k opened on Monday at the Investors and Exporters (I&E) forex window.
Nigeria’s currency strengthened by N0.31k as the foreign exchange market closed with the dollar trading at N386.94k on Monday from N387.25k traded on Friday last week, according to the data from FMDQ.
The exchange rate at the black market was stable, with the dollar traded at N445, the same as on the previous day. “Dollar is becoming scarce,” one trader said.
Also the official rate at the Central Bank of Nigeria (CBN) has remained stable at N361.00 per dollar since the regulator adjusted its rate.
The Central Bank of Nigeria (CBN) on March 2020 adjusted the exchange rate from N360 to N380/US$ at the I&E window, to stem the pressure in the foreign exchange market. The Apex bank also adjusted its official rate from N306 to N360.
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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.
