Naira Strengthens Against Dollar (CHECK TODAY’S EXCHANGE RATE: 11/11/2023)
In the unofficial foreign exchange market, the Naira witnessed a decline on Thursday, falling to 1130 Naira per US Dollar from the previous day’s rate of 1140 Naira.
Conversely, the official FMDQ market data indicated that on Friday, the Naira concluded at 780.14 Naira per US Dollar, marking a decrease of 216.61 Naira compared to the preceding day’s rate of 996.75 Naira per US Dollar.
In the parallel market, the Naira’s exchange rate against the US Dollar was 1130 Naira on Thursday, showing a slight decrease from the previous day’s rate of 1140 Naira.
Dayyabu Mistila, a Bureau de Change operator in Zone 4 Abuja, revealed that on Friday, Nigerians acquired Dollars at N1100, down from N1140 on Wednesday.
Similarly, at the Binance P2P market, the Naira stood at 1054.2 Naira to the USD on Saturday morning.
This development unfolded shortly after reports emerged indicating that the Central Bank of Nigeria had pledged to clamp down on currency speculators.
It’s noteworthy that the Naira had strengthened against the Dollar last week when the Central Bank of Nigeria cleared forex backlogs for certain commercial banks and airlines.
