Market News

FX market awaits Cardoso’s policy as naira steadies at N1,000/$ - BUSINESSDAY

SEPTEMBER 29, 2023

BY  Hope Moses-Ashike 

The Foreign Exchange (FX) was calm on Thursday, waiting for the next policy action of Olayemi Cardoso, the new Central Bank of Nigeria (CBN) governor.

This comes as the naira steadied at N1,000 per dollar on Thursday on the parallel market, also known as the black market.

At the Investors’ and Exporters’ (I&E) forex window, the naira appreciated by 2.35 per cent as the dollar was quoted at N755.08 on Tuesday compared to N773.25/$1 quoted on Monday, data from the FMDQ indicated.

Cardoso, confirmed on Tuesday alongside the four deputy governors by the Senate, proposed resetting the apex bank.

He said his immediate priority would be to work out ways to aggressively offset massive FX obligations as part of measures to attack the current naira downturn, which has become a huge burden for the economy.


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