Naira Exchange Rate Hits N929/$1 at Black Market Following Tribunal Verdict

Thursday saw the Naira experience mixed results against the US Dollar across various segments of the foreign exchange (forex) market.

These fluctuations came on the heels of a significant development – the presidential tribunal’s affirmation of President Bola Tinubu as the victor of the 2023 general election.

The tribunal dismissed petitions from both the Peoples Democratic Party (PDP) and the Labour Party (LP).

In the Investors and Exporters (I&E) window, the Nigerian currency gained strength, while in the black market and the Peer-to-Peer (P2P) segments, it witnessed a depreciation in its value.

Also Read: President Bola Ahmed Tinubu Secures Victory at Presidential Election Petitions Tribunal

A closer look reveals that in the official market, the local currency appreciated against the greenback, gaining 4.5% or N34.97 to N736.62/$1. This was better than the exchange rate of N771.59/$1 observed on Wednesday.

Market data indicates that the volume of forex trades remained relatively low, with a marginal increase of 1.7% or $1.13 million to $66.43 million, compared to the $65.30 million reported in the midweek session.

However, in the black market, the Naira experienced a decline against the Dollar, losing N4 in value, with a selling rate of N929/$1, in contrast to the previous day’s rate of N925/$1.

Furthermore, in the P2P segment, the domestic currency depreciated against its American counterpart by N7, resulting in a selling rate of N933/$1, as opposed to the previous day’s N926/$1.

In the spot market, the Nigerian currency maintained its stability against the British Pound Sterling and the Euro on Thursday, trading flat at N986.79/£1 and N842.48/€1, respectively.