The Nigerian Naira showcased a robust performance, closing at N750.14 against the dollar at the official market on November 20, 2023. This 5.55% appreciation brought relief to financial analysts, attributing the upswing to the Central Bank of Nigeria's (CBN) strategic move to clear a backlog of foreign exchange forward contracts.
The Naira's intraday high and low recorded at N1121/$1 and N740.08/$1, respectively, highlighted the market's volatility. Forex turnover at the official NAFEM window reached $176.75 million, witnessing a 12.02% decline.
The parallel forex market also experienced a marginal gain, quoting at N1135/$1. The CBN's initiative to clear forex contract backlogs is anticipated to alleviate chronic dollar shortages, providing relief to the business community and the economy at large.
Industry experts, including Toye Folosho from the Manufacturers Association of Nigeria and Gabriel Idahosa from the Lagos Chamber of Commerce and Industry, express optimism about the positive impact on sectors like manufacturing and investor confidence. This strategic move by the CBN is poised to restore faith in the traditional market and attract foreign investments.
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