Naira rises to ?791.75/$1 at official market

After the foreign exchange forward contracts backlog was cleared by the CBN, the value of the native currency increased. Manufacturers and importers breathed a sigh of relief on Friday, November 17, 2023, when the Nigerian naira closed at ?791.75/$1 at the official market, a sharp appreciation against the US dollar.Nonetheless, the Central Bank of Nigeria's (CBN) recent decision to reduce part of its foreign exchange backlog in an effort to increase investor confidence in the currency was what led to the naira's increase. The official currency rate window for Nigeria, the Nigerian Autonomous Foreign currency Fixing (NAFEX), provided data indicating that at the conclusion of business on Friday, the naira had strengthened by 6.24%, closing at ?791.75 to the dollar.