![black market dollar to naira black market dollar to naira](https://www.ekohotblog.com/wp-content/uploads/2021/08/Naira-Falls-Against-US-Dollar-1200x794.jpg)
He further stated that Nigerian companies have attracted investments worth $19.1 billion from Foreign Portfolio Investments showing a 113% growth from $8.98 billion in the corresponding period of 2020. As at this time last year price of oil was just $47.88 now it’s trading at almost $83 with resistance at $85,” he said. “Over the past 3 months, we have seen oil prices trade at a 7-year high and a 58% increase in price YOY. He added that an increase in oil price is also a major factor since about 90% of our foreign earnings are gotten from oil. “The bank increased its supply to the I&E and other available outlets (retail FX auction, invisible, SMIS (secondary market intervention sales) which outweighed the demand for dollar and we were able to witness an appreciation in the value of the naira,” he said.
![black market dollar to naira black market dollar to naira](https://wetinberate.com/wp-content/uploads/2019/11/Nov-27.png)
Expert viewsĭumebi Udegbunam, a Fixed Income trader at United Bank for Africa (UBA) told Nairametrics that the sudden appreciation of the naira can be attributed to the continuous intervention by the CBN at the official market. Specifically, workers remittances improved from $4.29 billion recorded in Q2 2020 to $4.91 billion in Q2 2021. A cursory look at the balance of payment figures from the Central Bank of Nigeria shows that workers remittances into Nigeria increased to its highest level in five quarters, in Q2 2021.