However, at the Nigerian Foreign Exchange Market (NAFEM), the naira dipped by 3.58% to trade at N1,431 on Friday, March 22, 2024, from the N1,382 per dollar it traded on March 21, 2024.
Traders quoted the dollar at an intraday high of N1,468 per dollar and a low of N1,301 in the official market.
Naira’s gains come amid increased Forex inflows of $1.2 billion in February, as reported by the CBN governor, Olayemi Cardoso.
Financial experts believe the backlogs hurt the naira as investors have avoided the Nigerian economy.
