🍔Quick Bite: The naira appreciated by 8% last week, possibly driven by the launch of the CBN’s new forex trading platform, EFEMS (Electronic Foreign Exchange Matching System), and seasonal demand from holiday inflows. While the system increased liquidity and transparency, it’s too early to predict if this marks a sustained recovery or a temporary boost.
🧠 The Breakdown
Last week, the naira surprised everyone by gaining about 8% against the dollar. The official rate moved from NGN/USD 1,661 on December 2 to NGN/USD 1,533 by December 6. Even the black market, often miles apart from the official rate, started to close the gap.
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Last updated: December 9, 2024
