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Naira Records Two Consecutive Appreciations Against Dollar at Forex Market

Posted by Thandiubani on Tue 21st May, 2024 - tori.ng

Since mid-April, this is the first time Nigeria’s currency has strengthened two consecutive times against the Dollar.

 
The Naira has appreciated against the dollar at the official and parallel foreign exchange markets.
 
Data released by FMDQ showed that it appreciated to N1468.99 per Dollar on Monday from
 
N1497.33 traded on Friday.
 
This represents an N28.84 gain compared to N1497.33 traded on Friday when the official market closed.
 
Similarly, the parallel market section appreciated to N1460 per Dollar on Modnay from N1470 last Friday.
 
This represents an N10 gain in the black market section.
 
Since mid-April, this is the first time Nigeria’s currency has strengthened two consecutive times against the Dollar.
 
The development comes as dollar turnover surged to $161.41 million on Monday from $83 million on Friday.
 
Recall that the Central Bank of Nigeria’s two-day Monetary Policy Committee meeting commenced on Monday. During the meeting, the apex bank is expected to unveil a decision to tackle the Country’s inflation, which soared to 33.69 per cent in April.


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