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The naira to dollar exchange rate has reached convergence across all markets, following the reopening of Nigeria’s land and air borders with the Republic of Niger. Official data shows that the official market closed at N1,615.94 to a dollar, while the unofficial market closed at N1,615.93 to a dollar.
President Tinubu’s order to reopen the borders has had a significant impact on the foreign currency (FX) market. The gap between the official and parallel markets’ exchange rates has been recorded at zero, with the dollar quoted at N1,615 across markets.
Despite an increase in dollar supply from various market participants, including the Central Bank of Nigeria (CBN), banks, investors, and exporters, the value of the naira remains unstable. On Wednesday, the daily FX market turnover increased by 103.59% to $248.75 million.
President Tinubu’s directive to reopen the borders aligns with the conclusion reached at the last meeting of the Economic Community of West African States (ECOWAS) in Abuja. Economic sanctions on the Republic of Niger, Mali, Burkina Faso, and Guinea have been suspended.
In compliance with President Tinubu’s directive, the Comptroller-General of the Nigeria Immigration Service (NIS) has issued a fresh directive to all controllers stationed at state and border commands along the Nigeria-Niger Republic border.
