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Now Reading: See how naira bounced back against US dollar after Tinubu’s victory at election tribunal


See how naira bounced back against US dollar after Tinubu’s victory at election tribunal

September 9, 20233 min read

Naira Bounces Back, Appreciates by 4.5% Against US Dollar as Tribunal Confirms Tinubu's Presidency

  • The Nigerian currency, the naira, appreciated against the United States dollar in the official market on Thursday
  • This comes 24 hours after the naira lost over N30 amid uncertainty about the Presidential Election Petition Court (PEPC) judgment
  • However, it’s a different story for the naira in the black market and the Peer-to-Peer (P2P) segments, as its value depreciated

Naira value at the official market appreciated against the US dollar 24 hours after the Presidential Election Petition Court (PEPC) judgment affirmed President Bola Tinubu won the 2023 general election.

On the day of the court judgment, the value of the naira depreciated to N771.59/$ as uncertainty hovers around the expected decision.

Naira to dollar exchange rate
Nigeria’s currency value rises after Tinubu’s tribunal win. Photo credit: Pius Utomi Ekpei

Source: Getty Images

The foreign exchange (forex) market on Thursday, September 7, 2023, got a breather following the conclusion of a tribunal.

Data from FMDQ Securities shows that on Thursday, in the Investors and Exporters (I&E) window, the official forex market, the Nigerian currency gained 4.5% or N34.97, closing at N736.62/$1. This is in contrast to Wednesday’s exchange rate of N771.59/$1.

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Unofficial market exchange rate

However, it was a different story at the parallel market on Thursday, as the Naira lost N4 of its value to exchange at N929/$1 compared with the previous day’s rate of N925/$1.

Similarly, in the Peer-to-Peer (P2P) segments, used mainly by crypto traders, Nigerian currency depreciated against the dollar by N7 to sell at N933/$1 versus the previous day’s N926/$1.

Meanwhile, the data from the Central Bank of Nigeria shows that the naira exchange rate against the British pound sterling and the euro on Thursday was N986.79/£1 and N842.48/€1, respectively.

Over N29bn spent printing new naira notes, throwing away old ones

In another report, revealed that the CBN had provided a breakdown of its financial performance and expenses undertaken during the 12 months of 2022.

Part of the expenses recorded is the over N29 billion spent on printing naira notes and disposing of the bad ones.

The CBN destroys unfit banknotes regularly under strict security and with the authorisation of Section 18(d) of the CBN Act 2007.


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Precious Etim

My name is Precious Etim. I believe that everything happens for a reason. People change so that you can learn to let go, things go wrong so that you appreciate them when they’re right, you believe lies so you eventually learn to trust no one but yourself, and sometimes good things fall apart so better.

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