Following the policies to strengthen the Naira by the Central Bank of Nigeria, today, the Naira’s has appreciated against the US dollar, exchanging for N1,360 and N1,408.04 per USD at both parallel and official foreign exchange markets respectively. It was learned at the parallel market Wuse Zone 4 Abuja, a BDC operator disclosed that naira was sold at N1,360 per USD today Monday 25th March, 2024.
He said, “The naira has gained significantly. We buy at N1,350 per USD and sell at N1,360 today Monday throughout till this evening”.
Accordingly, this figure represents a N100 gain when compared to the N1,460 per USD traded on Friday last week.
In a similar manner, FMDQ data indicated that the naira gained ground to trade at N1,408.04 per USD today compared to N1,431.49 exchanged last week Friday.
Considering this, it represents a N23 gain as against the USD in the general forex market.
This development is coming on the heel of the apex bank two-day 294th Monetary Policy Committee meeting in Abuja.
Recall, President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, had had last week urged speculators to dump their dollars to avoid “tears quickly” as naira will keep appreciating.
In early March 2024, Goldman Sachs, a Forex analysts predicted that the naira will appreciate to N1200 per US dollar in 12 months time.
