BREAKING: #Naira Set To Trade Below N1000 To Dollar—The exchange rate between the Naira and the Dollar at the official window rose by 7.7% on Friday to close the week at N1,142/$1.
This marks the highest closing rate between the Naira and the Dollar in over 10 weeks, as Central Bank policies continue to have a positive impact on the local currency.
The exchange rate seems to be nearing the sub-N1,000 target, which many believe is the preferred rate for the Central Bank.
Several reports reaching Nairametrics also suggest that the apex bank is targeting an exchange rate below N1,000/$1, indicating that it believes the local currency remains undervalued in the short to medium term.
Last week, Nairametrics reported that the Central Bank issued a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1.
What the data is saying
Data tracked from FMDQ, where the exchange rate is officially traded, indicates that the official rate closed at N1,142/$1, representing a 7.7% gain against the previous exchange rate of N1,230.61/$1.
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