- The Nigerian currency, the Naira, ended 2022 on the official foreign exchange market on a positive note against the US dollar.
- The last 12 months have been very difficult for the naira against other foreign currencies.
- Naira posted four consecutive days of losses and fell to a record low of N461 per dollar.
The Naira closed the final session for the year 2022 with a stronger footing in the Peer-2-Peer (P2P), black market and Investors and Exporters (I&E) windows of the foreign exchange (forex) market on Friday, December 30, 2022
Data from FMDQ Securities Exchange shows the naira on the I&E window or spot market appreciated against the dollar by 17 Kobo or 0.04 percent to trade at N461.50/$1 from 461.67 /$1 of the previous day.
This means that the Naira will end the year positive on the official market after a difficult 12 months.
CBN says it spent N800 billion printing and destroying Naira banknotes
Exchange rate between peers
It was also good news for the Naira against the dollar in the peer-to-peer market, used mainly by cryptocurrency traders and Nigerians doing dollar transactions online.
checks for legit.ng show that Naira earned N12 in the P2P market on Friday, December 30, 2023 when buyers and sellers exchanged it at an aggregate rate of N753/$1, in contrast to N765/$1 that was traded in the previous session.
black market rate
On the parallel or black market, the naira gained N3 against the United States currency to trade at N739/$1, in contrast to the previous day’s exchange rate of N742/$1.
For Nigerians with dollars to sell Naira rates reports He changed it to N729 for one dollar on Friday, December 30, 2022.
Some of the merchants who spoke legit.ng confirmed that low demand for the dollar is the reason why the naira made a profit.
FG launches public security features of the new N200, N500 and N1,000 banknotes
German embassy publishes update on naira payment for visa
Meanwhile, in another report, the German embassy in Nigeria has announced changes to the use of the naira to pay for its services.
The change is in line with the Central Bank of Nigeria’s naira note redesign policy.
The CBN redesigned 200, 500 and 1000 and expects all old notes to be returned by Nigerians by the end of January 2023.