The exchange rate between the naira and the dollar closed at N1,300 per dollar on Wednesday on the official market, which analysts say is the strongest performance against the dollar in eight weeks. Information from the Nigerian Autonomous Foreign Market (NAFEM) indicates that the naira rose to N1,300 per dollar on the official market.

Also, the exchange rate in the parallel market hovered between N1,250 and N1,300 for cash and inflows.

The development comes as speculations became rife on Wednesday, March 27, 2024, that Bureau de Change (BDC) operators crashed the dollar to N1,000 per dollar. However, findings revealed that the reported crash was a hoax as black market traders debunked the claims, saying there was no truth in the report.

INTEGRITY NEWS previously reported that the continued gain of the naira in the official and parallel markets brought some relief to importers as the Central Bank of Nigeria (CBN) again slashed the exchange rate for Customs duties at Nigerian ports by three per cent. The apex bank reviewed the FX duties downward from N1,448.386 per dollar to N1,405.466 on Tuesday, March 26, 2024. The apex bank reviewed the FX duties downward from N1,448.386 per dollar to N1,405.466 on Tuesday, March 26, 2024.

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