Naira Experiences Significant Gains Against Dollar in FX Market
Recent Performance of the Naira Against the Dollar
The Naira strengthened significantly against the Dollar at the foreign exchange market on Monday, beginning the week on a positive note. FMDQ data indicated that the Naira appreciated to N1552.92 per dollar from last Friday's N1641.27 exchange rate. This remarkable gain of N88.35 represents a significant appreciation compared to the N1641.27 rate three days earlier.
Market Insights and Future Outlook
The last substantial gain occurred on September 26 when the Naira edged the dollar by N91.32. Currently, in the black market, the Naira maintains a steady rate of N1700 per dollar, unchanged from last Friday. Despite several interventions from the Central Bank of Nigeria, the Naira has faced ongoing fluctuations in the foreign exchange market.
Interventions by the Central Bank
In October 2024, the CBN introduced the Electronic Foreign Exchange Matching System (EFEMS) to facilitate foreign exchange transactions within the Nigerian Foreign Exchange Market (NFEM).
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.