The Central Bank of Nigeria (CBN) has injected over $55 million into commercial banks in an attempt to stabilize the foreign exchange (FX) market. However, despite this intervention, the naira still lost about N5 per US dollar in the official market due to a gap between the high demand for dollars and the available supply.
This shortfall in FX supply has made it difficult for banks to meet the foreign exchange needs of Bureau de Change (BDC) operators, who require $25,000 weekly. As a result, the exchange rate in the official market closed at N1,532 per US dollar, reflecting the ongoing pressure on Nigeria’s currency in global trade.
Meanwhile, the British pound and euro gained strength against the US dollar, influenced by concerns over trade tariffs and a potential economic slowdown in the United States, according to MarketForces Africa.
In the parallel (black market), the exchange rate stood at N1,580 per dollar, creating a wider gap between the official and unofficial markets. This spread, which narrowed from 3.40% to 3.07% earlier in the week, has been a focal point for speculative traders looking to profit from exchange rate fluctuations.
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