GOODNEWS! Jubilation Across Nigeria As Naira Appreciates By N340 Against USD, See The Current Exchange Rate
In a comprehensive analysis of foreign exchange trading over the past four weeks, it is evident that the Nigerian Naira has experienced notable fluctuations, particularly against the United States Dollar, both in the official and parallel markets.
According to data sourced from FMDQ, the official exchange rate of the Naira against the US Dollar stood at 1, 431. 49 per USD on Friday, March 22. This marks a significant improvement compared to the exchange rate of 1, 665. 50 recorded on February 23, 2024. The observed difference reflects a substantial gain of N234. 01 within the span of the past four weeks.
Similarly, the parallel foreign exchange market also witnessed a commendable appreciation of the Naira against the US Dollar during the same period. On Friday, March 22, the Naira traded at a rate of 1, 460 per USD in the parallel market, showcasing an impressive surge from the previous rate of 1, 800 recorded a month earlier. This surge equates to a remarkable gain of N340 in just four weeks.
During the period under review, the Central Bank of Nigeria (CBN) implemented several strategic policies aimed at stabilizing the Naira and mitigating the challenges posed by foreign exchange fluctuations. These measures included the suspension of cash payments for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). Additionally, the CBN issued directives pertaining to ‘ Financial Markets Price Transparency’ and announced a revision to the FMDQ FX Market Rate Pricing Methodology. Furthermore, the apex bank drafted comprehensive guidelines intended to regulate the activities of Bureau De Change operators.
Against this backdrop, on Friday, President Bola Ahmed Tinubu made a plea to the Nigerian populace, urging them to prioritize the patronage of domestically manufactured goods. The call to support locally made products is seen as a strategic move aimed at fostering economic growth and bolstering the Naira against the United States Dollar.
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In conclusion, the recent trends in foreign exchange trading highlight the resilience of the Nigerian Naira amidst global economic uncertainties. While significant gains have been observed in both the official and parallel markets, sustained efforts by regulatory authorities and proactive measures such as promoting Made-in- Nigeria goods are deemed essential in safeguarding the stability and competitiveness of the Naira in the international currency market.
