Naira gained massively against the Dollar in the black market on Friday due to low demand for the greenback.
Gatekeepers News reports that Naira traded for ₦740 per dollar, a gain of N35 or 4.5 percent from the ₦775 it traded last week.
In the black market, Beurea De Change Operators buy a Dollar at ₦725 and sell for the price of ₦740, a profit margin of ₦15.
The exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange the official forex trading portal showed that the Naira opened at ₦444.60 per dollar on Thursday, December 1, 2022, and closed at ₦445.83 per $1 on Thursday, December 1, 2022.
FMDQ noted that the local currency depreciated by 0.12 percent.
Naira which had traded for ₦870 in early, November started gaining strength after the Central Bank of Nigeria (CBN) announced its decision to redesign the highest denominations. Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa had expressed optimism that the dollar may crash to N200 after the redesigned notes are launched.
President Muhammadu Buhari unveiled the redesigned ₦200, ₦500 and ₦1,000 naira notes last week.
Disclaimer: Gatekeepers News does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.