Following the Christmas holiday, the Naira exhibited a positive trend as it appreciated against the US dollar in the official forex market on Wednesday.

Official data from FMDQ revealed that the Naira strengthened to N872.59 per $1, marking an improvement from the N885.88 per $1 quoted on the Friday preceding the Christmas break.

In contrast, at the parallel market, Dayyabu Mistila, a Bureau De Change Operator in Wuse Zone 4, informed DAILY POST that the Naira traded at N1,210 per $1 on Wednesday, slightly up from N1,205 per $1 on Tuesday.

Mistila stated, “We sold at N1,210 per $1 as of Wednesday, compared to N1,205 on Tuesday. However, we buy at N1,200 per $1 on Wednesday.”

The figures indicated a marginal drop in the country’s currency compared to the N1,205 to $1 it traded on Tuesday.

Meanwhile, on Wednesday, the Naira traded at approximately N1,193.9 to $1 on Binance, a P2P market and crypto platform.

Since the introduction of FX reforms by the Central Bank of Nigeria on June 14, 2023, the Naira has experienced fluctuations in the forex markets. Despite this, Governor Olayemi Cardoso recently assured Nigerians that the Naira is anticipated to strengthen in the FX market in 2024.

Leave a Reply

Your email address will not be published. Required fields are marked *