Reports reaching us indicate that the Naira has appreciated in the parallel market. As of today 11th November, 2021. The Naira is exchanging for around 540 to the Dollar or less. Before now the Naira has been exchanging for around 570 to the dollar.
The gain of the Naira has been attributed to the efforts of the Central Bank of Nigeria ( CBN). The CBN has injected dollars into the economy, dealt with illegal forex speculators, and introduced eNaira which makes it easier to buy dollars at a cheaper rate anywhere you are in the world.
Analysts says the intervention by the CBN is short term. The overall value of the Nigerian export must increase for Naira gain to appreciate and stabilize