On Monday, the naira, Nigeria’s official currency, increased in value against the US dollar at the official exchange market. It traded at 1,339.33 naira to the dollar, a 9.68% increase from Friday’s rate.
However, the naira’s value dropped slightly at the unofficial market, also known as the black market, trading at 1,520 naira to the dollar.
The Central Bank of Nigeria (CBN) says the changes in the naira’s value are normal and happen at different times of the year.
The CBN also said that fewer people and businesses are asking for foreign currency, which is needed for imports and other business activities.
In 2023, the CBN gave out $21.12 billion for these purposes, which is lower than the $29.98 billion given out in 2022.
The CBN started a new system in June 2023 that allows the naira’s value to change freely against other currencies. This change has made the naira weaker compared to other currencies like the US dollar.
