The naira has risen to one thousand one hundred and twenty naira against the dollar as the foreign exchange market reacted to news that the Central Bank of Nigeria has begun to clear some of its foreign exchange backlog on Thursday.
The new rate on Thursday represents an appreciation of fifty naira, over four percent appreciation compared to the one thousand one hundred and seventy naira it traded for on Wednesday.
The President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, affirmed that the dollar closed trading at one thousand one hundred and twenty naira against the dollar on Thursday.
He noted that the appreciation of the naira is attributed to the CBN’s move to clear some of its backlog.
He said, “It is closing at N1,120. Even yesterday it came down to N1,150. Today, it started at N1,170 but it is closing at N1,120. Yes, this is because of the CBN’s move to clear its backlogs. There is a kind signal in the market. The CBN should continue to make clarifications.”