The foreign exchange market closed on Friday with Naira losing N1 in value against the dollar which was sold at N445 compared to N444 traded on Thursday on the black market.

The reason for the depreciation was a little increase in the demand for the dollar.

Earlier in the morning the dollar traded at N444 before weakening to the current rate. At Aboki FX dollar traded at N450.

Similarly, Naira lost N1 to the dollar at the retail Bureau after it was sold at N450 on Friday as against N449 sold in morning of the same day.

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At the Investors and Exporters (I&E) forex window Naira strengthened by N0.20k as the dollar was quoted at N386.50k on Friday from N386.70k that was quoted on Thursday. Against the morning rate, Naira appreciated by N1.25k.

The market opened with an indicative rate of N387.75k, which showed N0.25k loss to the value of Naira when compared to N387.50k that was opened on Thursday.

CBN said on April 29, 2020 that it has made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.

On the same day, the Apex bank resumed dollar sales for school fees and Small and Medium Enterprises (SMEs) and directed users to access FX from the banks.

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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