The naira continued its remarkable rally against the dollar on the official Enhanced Foreign Exchange Market (EFEM) platform, closing at N1,535/$1 on Friday, December 6, 2024.
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This marks the third consecutive day of gains since the Central Bank of Nigeria (CBN) implemented the Enhanced Foreign Exchange Market System (EFEMS).
During the trading session, the naira traded within a range of N1,510 to N1,575, with an average rate of N1,533/$1, reflecting increased stability in the official market.
In the parallel market, the dollar fell sharply, trading at a low of N1,570/$1, as market operators observed a surprising shift. “No one wanted to buy dollars,” a source revealed, signaling a change in demand dynamics. Sellers in the black market reportedly struggled to find buyers, a rare occurrence in recent times.
The EFEMS initiative appears to be driving positive sentiment, helping to narrow the gap between the official and black market rates. Analysts suggest that the ongoing appreciation may enhance confidence in the naira, benefiting the broader economy.
