Naira Strengthens Vs Dollar And Trades At 790 To $1 On The Official Forex Market

The official window exchange rate for the Naira at the end of business on Wednesday was N790 to $1.

This is in accordance with the Wednesday FX trading report from FMDQ.

The exchange rate on Wednesday was N58 different from the N848/$1 transacted on Tuesday, or N790/Naira.

• Naira Appreciate Somewhat Following Lifted Restrictions

However, at the black market, the Naira has resumed its fast plunge, trading between N1060 and 1100 to the dollar.

This shows that the gap between the official market and the black market is rapidly expanding, aggravating the FX crisis.

The change occurs as the Central Bank of Nigeria eases restrictions on rice, cement, and 41 other products in an effort to stabilize the country's foreign exchange market.

Recall that Naira has been losing value ever since it was floated on the foreign exchange market on June 14.