BREAKING: Naira gains rapidly against the dollar as sellers struggle to find buyers

This marks a significant milestone, as the naira strengthens further following three consecutive days of appreciation since the Central Bank of Nigeria (CBN) introduced the Enhanced Foreign Exchange Market System (EFEMS).

For the trading day, the intra-day high was N1,575, while the low was N1,510, with the average rate printing at N1,533.

Meanwhile, the black market rate fell sharply to as low as N1,570/$1, with operators reporting an unusual scenario where there were more sellers struggling to find buyers.

According to sources who spoke to Naijaonpoint, “No one wanted to buy dollars,” indicating a fundamental shift in market sentiment.

Some sellers informed Naijaonpoint they offloaded for as low as N1,500/$1.

At N1,535/$1, the naira recorded one of its best performances in recent months, adding to the momentum built since EFEMS was launched.

Meanwhile, flagship cryptocurrency Bitcoins sold for $101k as of 8pm Nigerian time with altcoins all showing signs of gains ahead of an impending Trump Presidency.

The rapid appreciation of the naira on the parallel market suggest the EFEMS is impacting unofficial forex operations as speculators struggle to understand the impact.

The introduction of EFEMS by the CBN appears to be driving transparency and efficiency in Nigeria’s forex market.

The platform, which consolidates all forex transactions into a single market, has now delivered gains for four consecutive days, further narrowing the disparity between the official and parallel market rates.

EFEMS requires all FX transactions to be priced through the system, ensuring that daily exchange rates are transparent and accessible to the public.

The centralized pricing mechanism has been pivotal in reducing speculative behavior and bolstering confidence in the naira.