The naira’s upward trajectory continues as the US dollar is currently trading at N1,280 on the parallel market, reflecting a 2.34 percent appreciation from the previous day’s closing rate of N1,310. This surge follows recent foreign exchange (FX) policy measures implemented by the Central Bank of Nigeria (CBN).
Comparatively, the naira has gained 42.58 percent of its value against the dollar since February 20, 2024, when it hit its lowest point of N1,825/$ on the parallel market. The increase in dollar supply, coupled with low demand, has contributed to the strengthening of the naira.
On the official market, the naira’s value rose further to N1,300.43 as dollar supply surged by 69.43 percent on Wednesday, a day after the CBN raised key interest rates. These recent developments underscore the impact of CBN’s foreign exchange reforms, which have led to the naira’s appreciation and improved liquidity in the forex market.
Source: Parrot Nigeria