Naira Hits Strongest Exchange Rate Against Dollar

Witness the historic moment as the Nigerian naira continues its remarkable ascent against the American dollar, culminating in a remarkable official exchange rate closure of N1278.58 to $1 on Tuesday, April 2nd, 2024....READ FULL ARTICLE

This latest milestone marks the naira’s most impressive performance against the dollar since January 26, 2024, bringing renewed optimism and confidence in the country’s currency stability.

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Breaking through the N1,300 ceiling for the first time since January 26, 2024, the official market showcases a dramatic turnaround from previous challenges. From a high of N1,348.62/$1, the naira’s resilience shines as it battles back to more favorable rates.

Ever since, the naira has bravely weathered the storm, maintaining a stronghold above N1,300/$1 despite testing lows, such as the notable dip to N1,615/$1 on March 13, 2024.

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Fresh off the Easter holiday, the FX market witnessed a surge in the naira’s value, with rates dropping to N1,238.3 against the US dollar. Bureau De Change (BDC) operators reported encouraging buying rates at N1,220 per dollar and selling rates at N1,265 per dollar for both cash and transfer transactions.

In parallel markets, the naira’s ascent continues, with rates climbing to N1,225 per dollar, reflecting a significant 1.99 percent increase from the previous week’s close of N1,280.

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The remarkable uptrend in the naira’s value is credited to the Central Bank of Nigeria (CBN)’s proactive measures, including the successful clearance of all verified foreign exchange backlogs, with a final tranche of $1.5 billion currently in processing....READ FULL ARTICLE

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