Naira continues to rise against the dollar in the foreign exchange market

Naira rises against dollar in foreign exchange market

Nigeria’s currency, the naira, strengthened against the US dollar in the foreign exchange market on Friday.

According to official FMDQ data, the naira rose to 794.89 naira to the dollar as of Friday’s close, up from 956.33 naira on Thursday.

This corresponds to an increase of 161.44 Naira or 20.31 per cent in the official foreign exchange market compared to 956.33 Naira that closed on Thursday.

Similarly, in the parallel market, the naira rose slightly to trade at 1,115 Naira/$ on Friday from 1,170 Naira/$ on Thursday.

DAILY POST reported the country’s currency appreciated for the first time since Monday.

The move came despite the country’s foreign exchange trading volume at $75.82 million at the close of trading, down 28.13% from the previous day.

Meanwhile, the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, speaking on Friday at the 50th anniversary commemoration event of the Institute of Bankers of Nigeria (CIBN), pointed out that fluctuations in exchange rates were hampering business growth and urged transparency. promised to secure it. Banks must be fair to all in carrying out their functions.

“The removal of petrol subsidies, floating exchange rates and the introduction of other government policies are expected to have a positive impact on the economy in the medium term.

“We are confident and optimistic that with appropriate corrective and strategic measures, we can restore macroeconomic stability and address fundamental deficiencies,” he said.

Recall that Cardoso failed to convene a Monetary Policy Committee meeting for the second time in two months.

Nigeria’s foreign exchange market has been hit by a crisis since the CBN introduced reforms in June this year.


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