The naira on Tuesday surged to a record high of N1,372.91 to the dollar in the official foreign exchange (FX) market, without intervention from the Central Bank of Nigeria (CBN), reflecting a shift towards a more market-driven currency framework. In recent weeks, the apex bank has not contributed to dollar inflows in the market.
Data from the CBN showed the naira gained N17.45, appreciating by 1.3 per cent from Monday’s closing rate of N1,390.36 at the Nigerian Foreign Exchange Market (NFEM). Intraday trading saw the dollar dip to as low as N1,360 before closing at N1,367 per dollar.
At the parallel, or black, market, the naira remained steady at N1,450 per dollar, leaving a gap of N77.09 between the official and unofficial rates.