Because of a rise in dollar supply and the Central Bank of Nigeria‘s (CBN) clearing of all foreign exchange backlogs, the value of the Nigerian Naira has climbed by 4.55% relative to the United States dollar.
N1,492.61 was the price for the naira on Wednesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), up from N1,560.57 on Tuesday.
While the intraday low solidified at N1,350/$1, the intraday high concluded at N1,620/$1.
On Wednesday, the dollar supply from FX market participants rose by 37.49% to $268.29 million.
Governor Olayemi Cardoso promised to settle all legitimate foreign exchange arrears, including $7 billion inherited claims.
In order to satisfy its debt to bank clients, the CBN completed $1.5 billion payment, which eliminated the remaining amount of the foreign exchange backlog.
Nigeria’s external reserves have grown steadily over the past month, which has eased the pressure on the naira/dollar exchange rate.
