On Wednesday, September 6, 2023, the foreign exchange market reacted positively to the President Bola Tinubu-favoring decision of the Presidential Election Petitions Tribunal (PEPT).
The naira declined after trading at N771 per dollar on September 6, 2023, as opposed to Tuesday, September 5, 2023, when it traded at N744 per dollar, according to statistics from the FMDQ.
Naira started out well but lost just a little bit.
At N744 per dollar, the naira made a strong start to the day. However, it slightly declined at the Investors and Exporters (I&E) window.
The change came as a result of the Central Bank of Nigeria’s (CBN) pledge to pump $10 billion into the foreign exchange market over the course of 14 days.
Folashodun Shonubi, the acting CBN Governor, stated that the top bank will cooperate with commercial banks to distribute the foreign currency.
On Tuesday, September 5, 2023, Shonubi made this statement and noted that since they handle around 75% of all foreign exchange transactions, the banks will be crucial in eradicating the backlogs.
The backlogs affect all levels of the currency market, affecting needs for businesses, education, and individuals.