Naira Bounces Back in Official, Parallel Markets After CBNs Currency Deal With IFC [Video]

• The Nigerian currency, the naira, has risen in the official market after depreciating on Monday, October 28, 2024
• The naira traded at N1,630.65 per dollar in the official window as against the N1,670 it traded the previous day
• Also, the naira appreciated in the black market from N1,730 to N1,725 per dollar on Tuesday, October 29, 2024

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian foreign exchange market responded positively to the deal between the Central Bank of Nigeria (CBN) and the International Finance Corporation (IFC) for a $1 billion currency funding for Nigerian businesses.

The deal will see the IFC fund critical sectors of the Nigerian economy, allowing businesses access to funding through the local currency.

CBN’s currency deal strengthens the naira

The news may have buoyed …