Naira Sees Mixed Fortunes in Official Exchange Rate

0 134

On February 26, 2024, the Nigerian Naira witnessed a notable appreciation against the US dollar, with the official exchange rate strengthening by 5.22% to N1582.94/$1.

However, the Naira encountered intensified demand pressure, reaching an intra-day high of N1,778 against the dollar.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) depicted a significant appreciation of the domestic currency, concluding the day at N1,582.94 per dollar. Amidst these fluctuations, the Central Bank of Nigeria (CBN) announced plans to implement stringent measures governing the purchase of foreign currencies through Bureau De Change (BDC) operators. The focus will be on transactions related to overseas education and medical expenses, aiming to regulate forex transactions more effectively.

Source: Nairametrics

Leave A Reply