The naira opened at N855/$ in the parallel market on Friday morning, showing it had gained N95/$ over the last four days.
This shows a marked improvement from the previous week when it peaked at an unprecedented high of N950/$.
The fall of the naira against the dollar followed speculations of imminent scarcity of the green back.
The naira’s new found strength against the dollar has been attributed to factors including a recent pronouncement by acting CBN governor, Folashodun Shonubi, that the apex bank was coming up with new strategies to save the baira. Shonubi had warned naira speculators of imminent losses once the strategies come onboard.
The acquisition of a $3 billion AfreximBank loan by the Nigeria National Petroleum Corporation Limited ((NNPCL), aimed at bolstering exchange rate stability, is another factor that may have helped to strengthen the naira.
In a bid to foster transparency within the country’s FX market, the CBN recently introduced the Currency Price Verification System (FX) “PVS.”
The portal enables importers to access foreign exchange and enhances visibility within the market.
The CBN stated that effective August 31, 2023, thePortal Price Verification Report will be mandatory for all Form M applications.
Meanwhile, on the official market, the naira is presently trading around N740/$.
