Naira gains ground against dollar at forex market

On Friday’s foreign exchange market, Nigeria’s currency, the Naira, strengthened against the US dollar.

According to FMDQ data, the Naira appreciated to N794.89/$1 at the close of business on Friday, up from N956.33 on Thursday.

In the official forex market, this is a N161.44 gain or a 20.31 percent increase over the N956.33 it closed on Thursday.

Similarly, the Naira rose somewhat on the parallel market, trading at N1,115/$1 on Friday, up from N1,170/$1 on Thursday.

According to News24 Nigeria, the country’s currency has risen for the first time since Monday.

The achievement comes despite the fact that the country’s forex turnover at the closing of trading was $75.82 million, a 28.13% decrease from the previous day.

READ ALSO: Naira drops value against dollar for second time

Meanwhile, Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), stated at the Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary event on Friday that the fluctuating exchange rate was impeding business growth and promised to be transparent and fair to all as the bank performs its function.

“The removal of petrol subsidy and the adoption of a floating exchange rate and other government policies are anticipated to affect the economy in the medium term positively.

“I’m confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws,” he stated.

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

Nigeria’s FX market has continued to experience a crisis since CBN introduced reforms in June this year.

 

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