Naira Declines on Parallel Market, Sees Increase on Official Exchange Platform

“Naira Gains Ground at Official Forex Window Amid Central Bank Reassurances

The Nigerian naira exhibited resilience on Monday, strengthening at the official exchange window following reassurances from the Central Bank of Nigeria Governor, Olayemi Cardoso, regarding efforts to address currency volatility. According to data sourced from the FMDQ, the local currency appreciated by 1.09%, closing at 1,419.86 naira per US dollar.

This positive development comes after the dollar was traded at 1,435.53 naira per dollar on the preceding Friday. Last week saw the naira hit an unprecedented low, reaching 1,482.57 naira per dollar at the official window, despite concerted efforts by the apex bank and the Federal Government to inject liquidity into the foreign exchange market.

The recent uptick in the naira’s performance signals a potential reversal of the downward trend, instilling a sense of optimism among market participants. As stakeholders closely monitor currency movements, the reassurances from regulatory authorities serve as a beacon of stability in Nigeria’s foreign exchange landscape.”