On Tuesday, April 11, 2023, the exchange rate between the naira and the US dollar appreciated to trade at an average of N738/$ on the black market, compared to the N742/$ in the previous trading session.
This is according to information provided by parallel market dealers to RateCaptain,
On the other hand, the Investors and Exporters window recorded stability in the value of the naira on an average of N461/$, which was the same rate recorded in the previous trading session.
Rate Captain Analyst recommended that the nation start seriously considering medium- to long-term solutions, which would mean creating an environment (i.e., improving electricity and infrastructure) that encourages export diversification, especially for enterprises that are export-led in manufacturing, commodities, and agro-processing, among other industries. “Services industries, including health, education, and information technology, must also be taken into consideration.” These measures will help boost the value of the naira against other currencies.
According to data from Nigeria’s central bank (CBN), the last two trading months of 2023 recorded a downward trend in the foreign reserve. The gross foreign reserve as of the first trading day of February 2023 amounted to $37.009 billion and decreased to $35.39 billion on April 4, 2023. The CBN recorded a 4.59% decrease in the second and third months of 2023.