The Nigerian currency, the naira, made significant gains, closing at N1,120 against the dollar following the announcement that the Central Bank of Nigeria (CBN) started addressing its outstanding forex debts.

This uplift of N50, or 4.27%, is a considerable recovery from its previous rate of N1,170 on Wednesday.InformationGuideNigeria

Several Bureaux De Change operators shared their observations with The PUNCH on the naira’s rapid rebound. Early trading saw the naira at N1,170/dollar, but it quickly surged to close at N1,120/dollar.NYSC Portal

Awolu, a currency trader, commented, “Today’s dollar rate is N1,040 for selling and I buy at N1,030. The rate has decreased significantly from its N1,170 position this morning. The trend is still downward; there’s no telling where it will stabilize.”JAMB Portal

Echoing this sentiment, Kadri said, “The dollar was N1,150 in the morning, and now it’s down to N1,120.” Abubakar and Muhammad also confirmed the drop in dollar rates, emphasizing the continued decline throughout the day.JAMB Result

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Aminu Gwadabe, the President of the Association of Bureaux De Change Operators of Nigeria, confirmed the N1,120/dollar closing rate for Thursday. Gwadabe credits the CBN’s proactive measures to clear some of its forex backlog as the primary reason for the naira’s positive performance.

He said, “It is closing at N1,120. Even yesterday it came down to N1,150. Today, it started at N1,170 but it is closing at N1,120. Yes, this is because of the CBN’s move to clear its backlogs. There is a kind signal in the market. The CBN should continue to make clarifications.”

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