The foreign exchange market opened on Friday after the two day holiday declared by the Federal Government, with Nigeria’s currency depreciating marginally by 0.02 at the Investors and Exporters (I&E) forex window.

Meanwhile, the Central Bank of Nigeria (CBN) has removed the official exchange rate of N379 per dollar from its website. But the CBN’s official rate still remains at N379 per dollar as at May 10, 2021, on the homepage of FMDQ website.

Efforts to reach the CBN’s spokesman, Osita Nwanisobi, was not successful as he could not respond to his calls and text message on Friday morning.

The intraday trading shows the dollar being quoted at N410.40k on Friday morning as against N410.33k quoted on Tuesday before the holiday at the I&E window, data from the FMDQ indicated.

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Naira/dollar exchange remains at N482 and N483 per dollar at the Bureau De Change (BDC) segment and the parallel market respectively on Friday morning.

The local currency depreciated by 0.14 percent as the naira/dollar exchange rate closed at N411.25k on Tuesday before the holiday as against N410.67k closed on Monday at the Investors and Exporters (I&E) forex window, data from the FMDQ revealed.

Currency traders who participated in the trading on Tuesday maintained bids at between N395.00k and N420.23k/$, according to the data.

The daily foreign exchange market turnover rose significantly by 201.53 percent to $98.33 million on Tuesday from $32.61 million recorded on Monday.

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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