Naira Strengthens Vs The Dollar And Trades At N950/$1

On Friday, November 3, Naira saw an increase in value on the foreign exchange market, trading at N950/$1, compared to N1,024/$1 on Thursday, November 2.

This follows the start of the Central Bank of Nigeria's (CBN) clearing of foreign exchange backlogs.

The central bank took this action to increase the value of the Naira in the currency market after it fell to a low of approximately N1,300/$1 in the P2P and parallel markets a few days ago.

The top bank was reportedly clearing a $7 billion backlog of matured foreign exchange forward contracts, which had put pressure on the Naira.