Naira Surges Against Dollar, Reaches Highest Exchange Rate In Months

Witness the remarkable rise of the Nigerian naira against the American dollar as it reached a commendable official exchange rate of N1278.58 to $1 on Tuesday, April 2, 2024. This significant achievement marks the naira’s strongest performance against the dollar since January 26, 2024....CONTINUE READING

This closure below the N1,300 ceiling is a noteworthy milestone, the first occurrence since January 26 of this year. On that day, the exchange rate surged from N891.9/$1 to N1,348.62/$1 the following day. Since then, the naira has consistently maintained closure above N1,300/$1, with its value depreciating to as low as N1,615/$1 on March 13, 2024.

Earlier reports from Naija News highlighted a substantial appreciation of the Nigerian naira in the foreign exchange (FX) market post-Easter holiday, with rates dropping to N1,238.3 against the US dollar. Bureau De Change (BDC) operators recorded buying rates at N1,220 per dollar and selling rates at N1,265 per dollar for both cash and transfer transactions.