The Naira appreciated slightly against the dollar on Thursday, trading at an average rate of N415.50k, as against N416 it traded on the black market on Wednesday.
BusinessDay findings show that dollar sells at N416 at Festac area of Lagos, which indicates a N1.00k loss to the value of Naira compared with N415 traded the previous day.
The dollar traded unchanged against the local currency at N415 and N361 at the black market and official window respectively.
At the Investors and Exporters (I&E) forex window, the Naira/dollar exchange rate opened the market at the rate of N385.72k on Thursday.
The exchange rate at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) stood at N387.35k as at Wednesday.
FX rate at the I&E is where the actual trade takes place by authorised dealers and the sellers of FX while the rates at NAFEX are indicative rates, according to Ayodele Akinwunmi, relationship manager, investment banking at FSDH Merchant Bank Limited.
Hope Moses-Ashike
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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.
