Naira Upward momentum Continues as it Extends its Gains Across The forex Markets
According to reports, the Naira has extended its gains against the United States dollar in foreign exchange markets on Wednesday.
As per market data published on the FMDQ website, the Naira concluded Wednesday’s trading at N1,300 per dollar, compared to the previous session’s rate of N1,382.95 on Tuesday.
Wednesday’s rate implies a 6.0 per cent appreciation from N1,382.95 posted on Tuesday. The local currency experienced an intraday high of N1,200 and a low of N1,460 to a dollar before it eventually closed at N1,300/$1 on Wednesday.
During the business period, the official market segment reported a foreign exchange turnover of $416.10 million, surpassing the $245.58 million recorded on Tuesday. Additionally, the Naira’s appreciation trend persisted in the parallel market on Wednesday.
Recent gains observed in the local currency at both official and unofficial markets in recent weeks coincide with the government’s ongoing endeavors to stabilize the currency and mitigate inflationary pressures in the country. This follows a significant decline in the currency’s value.
Nigeria’s Naira has experienced multiple instances of plummeting to historic lows across both official and unofficial markets due to heightened forex demand and rising prices of goods and services nationwide. With the recent gains of the Naira against the US dollar, experts predict the currency could appreciate further following the government reforms.
