Nigeria’s naira has improved in value for two consecutive trading days, thanks to the CBN’s intervention.
The naira achieved another strong performance on Monday, appreciating by 0.81% against the US dollar.
The CBN has been injecting dollars into the forex markets, including the Bureau de Change operators.
Journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends
The Nigerian currency, the naira, has appreciated again against the US dollar in the official foreign exchange market.
Data from FMDQ, the trading platform, showed that the naira ended the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, September 9, 2024, at N1,580.46/$1.
The new exchange rate is a 0.81% or N12.86 improvement compared to Friday’s closing rate of N1,593.32/$1.
The positive outcome comes despite the decline in forex turnover for the trading session by $47.8 million or 19.5% to $197.37 million from $245.17 million. However, in the spot market, the Nigerian Naira closed flat against the Pound Sterling and the Euro at the official market during the session at N2,144.61/£1 and N1,804.99/€1, respectively. In the parallel market, also known as the black market, the Nigerian currency appreciated against the greenback on Monday by N5 to sell for N1,650/$1 versus last Friday’s exchange rate of N1,655/$1.
