Naira gains after three weeks as it appreciates against the U.S dollar
NIGERIA, Oct. 26 – The Naira for the first time after three weeks appreciates on Wednesday against the U.S dollar on the unofficial parallel (also called Black) market.
The market data on Wednesday afternoon shows that trading exchange rate was N1,300 per U.S dollar, representing 0.76% increase (N10) relative to the black market rate of N1,310 recorded on Tuesday.
The continued pressure on foreign exchange, exacerbated by the Naira reaching as low as N1,310 to the U.S dollar, showed signs of improvement on Wednesday as demand reduced slightly.
Available record shows that October 3, 2023 was the most recent instance of Naira appreciation, when it increased by 0.79% (N8) against the US Dollar.
On Tuesday, the Naira experienced a significant 6.86% drop after having strengthened by 1.85% against the dollar on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The concern authorities has made so much efforts in terms of policies to salvage Naira which has been under intense pressure for some months now, including devaluation as well as restoring subsidy. However IMF has warned Nigeria not to do any of such, terming it as bad monetary policies instead advice the CBN to take loan to boost the currency. Read More
The new CBN boss Olayemi Cardoso has been making effort to stabilized the Naira. He inheritaed a policy that categorized request for dollar into different tiers depending on the need and request for FX.
