On Thursday, the official and alternative foreign currency markets saw an increase in the value of the Naira relative to the US dollar.
At the end of business on Thursday, it increased to N901.41/$1, according to official statistics from FMDQ.
In comparison to the N904.56/$1 quotation at Wednesday’s end of business, the amount reflects a gain of N3.15.
This occurs in spite of the fact that on Wednesday, the dollar supply increased by 22% to $120.89 million.
In the parallel market, the Naira also strengthened, moving from N1,260/$1 the day before to N1,240/$1 on Thursday.
The Naira’s exchange rate versus the dollar was reported at N1,260/$1 on Friday morning.
Speaking on Wednesday before the National Assembly joint committee on Banking and Insurance, Olayemi Cardoso, the governor of the Central Bank of Nigeria, stated that the nation’s currency rate concerns should lessen by 2024.
“As the foreign exchange market operates smoothly, exchange rate pressures should also significantly decrease,” he stated.
