The Naira fights back, gaining massively at the official window
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EKO HOT BLOG reports that the Nigerian currency, the Naira, which is managed by the central bank, has fought back against the United States dollar.
The Naira is currently trading today March 24, 2022, at N411/$1 at the official window after opening yesterday at N415.35/$1.
This is good news because it comes just a few weeks after the Central Bank of Nigeria (CBN) changed its rules on how much money you can spend on Naira Debit Cards.
The monthly cross-border transaction limits for the Naira Mastercard and Naira Credit Card have been reduced from $100 to $50 under the new CBN policy.
On Wednesday, March 23rd, 2022, the official Investors and Exporters (I & E) window exchange rate between the naira and the US dollar closed at N416.67/$.
On Thursday, March 24th, 2022, the Naira strengthened against the US dollar, opening at N411.00/$ and closing at N416.67/$1 on Wednesday.
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In comparison to the N417/$1 recorded in Tuesday’s trading session, this represents a 0.84 percent increase.
Meanwhile, the exchange rate at the parallel market recorded a marginal decline of 0.17% . It close at N578/$1 on Wednesday, from N577/$1 recorded in the previous trading session. This is according to the data obtained from BDC operators.
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