The foreign exchange market resumed on Monday with Naira stable as the dollar was trading at N458 on the black market.
Traders attributed the stability of the exchange rate to moderation in the demand for dollar amid liquidity and uncertainty about when the Central Bank of Nigeria (CBN) would resume dollar sales to Bureau De Change (BDC) operators.
The local market was also stable at the retail bureau and the official market where the dollar was quoted at N460 and N361 respectively.
Read Also: https://businessday.ng/news/article/averting-the-risks-posed-to-the-retail-economy/
However, at the Investors and Exporters (I&E) forex window, Naira signaled depreciation as the market opened with an indicative rate of N386.86k on Monday morning compared with N386.36k it opened with on Friday last week, data from the FMDQ revealed.
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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.
