On Thursday, the Naira experienced a notable appreciation of N10 against the Dollar in the black market foreign exchange.
Dayyabu Ashiru, a Bureau De Change Operator located in Wuse
Zone 4, confirmed that the Naira was traded at N1610 per dollar, down from
N1620 the previous day. "We purchase at N1605 and sell at N1610
today," he stated.
This shift occurs in the context of the Central Bank of
Nigeria's initiation of the Retail Dutch Auction System on Wednesday.
The central bank reported that it sold $876.26 million to 26
banks at a rate of N1495 per dollar, which has had an immediate effect on the
Naira's performance in the foreign exchange market.
As of the time of this report, the official exchange rate
for Thursday has not yet been disclosed.