On Thursday, the value of the Naira, the currency of Nigeria, increased on the foreign exchange market.
Nigerians traded at N1000/$1 on Friday morning, according to Dayyabu Mistila, a Bureau De Change Operator in Zone 4 Abuja.
He ascribed the increase of the nation’s currency to the relative accessibility of foreign exchange.
In comparison to Tuesday’s currency rate of N1170/$1, the gain at the parallel market constituted a N170 disparity.
Additionally, the Naira strengthened by N22.04 at the FMDQ data at the end of the working day on Thursday, trading at N793.28/$1 as opposed to N815.32/$1 on Tuesday.
The announcement follows the publication of a report claiming that on Wednesday, the Central Bank of Nigeria started paying out foreign exchange backlogs to commercial banks and airlines.
In an effort to ease the FX issue, the nation would shortly get an infusion of $10 billion in foreign currency, according to statements made by Finance Minister Wale Edun last week.