Nigerian currency recorded a strong performance in the official and unofficial exchange markets against all foreign currencies on Wednesday, April 17, 2024....CONTINUE READING
Data from FMDQ securities shows that in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira closed the day’s trading at N1,072.74/$1.
Wednesday’s closing rate represents a 6.6% or N75.40 appreciation compared to the previous day’s N1,148.14/$.
Naira also improved its value against the pound sterling and the euro in the official market.
CBN data shows that the naira ended the day with an appreciation of N298.92 to sell at N1,147.53/£1 compared with Tuesday’s closing value of N1,446.45/£1.
While against the Euro, it gained N14.62 to quote at N1,220.17/€1 versus N1,234.79/€1.
It was the same scenario for the naira in the unofficial market as it continued its strong performance.
Traders who spoke to Legit.ng said the naira appreciated N50 to trade at N1,050/$1 compared with the preceding day’s rate of N1,100/$1.
Meanwhile, the Central Bank of Nigeria has addressed concerns over the declining foreign reserves, maintaining that the decline is not because the apex bank is defending the naira.
Yemi Cardoso, the Governor of the CBN, speaking at the ongoing International Monetary Fund- World Bank Spring Meetings in the US, said the depleting external reserve is due to debt repayments and other obligations.
His words:
“The shift you see in our reserves has little or nothing to do with defending any naira, and that is certainly not our objective.”
Earlier, Legit.ng reported that two UK-based financial institutions predicted a new exchange rate for the naira against the dollar.
Goldman Sachs and Standard Chartered opined the naira would rebound and close stronger in 2024.
Their predictions were based on the current reforms by the Cardoso-led CBN.
