The Dollar to Naira exchange rate in the black market fell to N1,730 on Wednesday, 2nd December from N1,720 it closed on Tuesday, 3rd, December 2024.
Operators via AbokiFX are buying the Dollar for as low as N1,720 and as high as N1,750.
This comes as the Central Bank of Nigeria (CBN)-backed Electronic Foreign Exchange Matching System (EFEMS) began operations this week.
The implementation of the forex system, announced last month, and confirmed by CBN Governor, Mr Olayemi Cardoso at the weekend, comes with diverse implications for all segments of the financial markets that deal on forex, including expected rebound in the value of the naira across markets.
The system is expected to instantly reflect data on all forex transactions conducted in the interbank market and approved by the CBN.
The CBN will also publish real-time prices and buy-sell orders data from this system.
Meanwhile, Nigeria has successfully raised $2.2 billion via Eurobonds maturing in 2031 and 2034 to finance deficits from the 2024 budget.
The DMO said that the two Eurobonds were oversubscribed more than what was on offer as the one with 6.5 years tenor and 2031 maturity received a $700 million subscription while the 10 years tenor and 2034 maturity raised $1.5 billion.
DMO further stated that the notes were priced at a coupon and re-offer yield of 9.625 per cent and 10.375 per cent, respectively.
