Naira Appreciates Against Dollar At Forex Market

The Naira, Nigeria’s currency, appreciated against the US Dollar on Friday at the foreign exchange market.

Official data from FMDQ disclosed that the Naira appreciated N794.89/$1 at the close of work on Friday from N956.33 on Thursday.

This represents N161.44 gain or a 20.31 per cent increase at the official forex market compared to the N956.33 it closed on Thursday.

Similarly, at the Parallel Market, Naira appreciated marginally, exchanged at N1,115/$1 on Friday from N1,170/$1 on Thursday.

DAILY POST reports the upward movement of the country’s currency first since Monday.

The development comes despite the country’s forex turnover at the close of the trading, which was $75.82 million, representing a 28.13% decline compared to the previous day.

Meanwhile, Central Bank of Nigeria (CBN), Governor, Dr Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary event on Friday, noted that the fluctuating exchange rate was hampering 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.