The naira has risen against the dollar for three days in a row on the official foreign exchange market, boosted by the Central Bank of Nigeria’s newest FX Retail Dutch Auction System.
According to FMDQ data, the naira gained to N1,596.52 per dollar on Wednesday, up from N1601 on Tuesday. This equals a 4.48 increase.
Meanwhile, in the black market, the naira fell to N1, 620 per dollar on Wednesday, from N1, 607 the previous day.
A comparison of the exchange rates at both FX exchanges revealed that the naira gained N4.48 on the official market while losing N13 on the illegal market.
The news comes as the Central Bank of Nigeria (CBN) auctioned $876.26 million at N1,495 per dollar in its recently implemented retail Dutch Auction System to reduce the dollar demand rise.
