Business
Naira Appreciates Against Dollar At Forex Market
The naira’s appreciation against the US dollar continued on Thursday, exchanging N1,370.49 per USD at the official foreign exchange market.
FMDQ data showed that the naira exchanged at N1,370.49 per USD on Thursday, compared to N1,492 the previous day.
This represents a whopping N120 gain against the USD in the forex market.
Similarly, the country’s currency has gained N240.4 since last Friday, when it traded for N1,602.75 per USD.
The naira appreciated to N1,470 per USD on Thursday from N1,500 the previous day at the parallel market.
A Bureau De Change Operator at Wuse Zone 4 Abuja, Mistila Dayyabu, confirmed this on Thursday.
“The naira has gained massively. We buy at N1,470 per USD and sell at N1,480 on Thursday evening,” he said.
President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, urged speculators to dump their dollars to avoid “tears quickly” due to naira appreciation.
Blaze Newz reported that the Central Bank of Nigeria has cleared the $7 billion pending valid forex backlog.
Accordingly, the apex noted the country’s foreign reserves increased to $34.11 billion by $993 million as of March 7, 2024.
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