Naira sells below 1,280/$ at official, parallel markets, Gains 21% Since Forex Reform

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Amidst positive developments in Nigeria’s foreign exchange landscape, the Naira commenced the month of April on a strong footing, strengthening to N1,278.58 against the United States dollar, reflecting an increase of N30.81 compared to last week Thursday’s closing rate.

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This surge marks a significant milestone as the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market dipped below the N1,300 ceiling for the first time since January 26, 2024. Notably, the Naira had depreciated to as low as N1,615/$1 on March 13, 2024, before experiencing a remarkable turnaround.

The recent appreciation of the Naira can be attributed to a series of comprehensive forex policy reforms initiated by the Central Bank of Nigeria (CBN), resulting in a gain of over 21 percent on the dollar since March. Key measures include the unification of exchange rate windows, liberalisation of the FX market, and the clearance of FX backlog obligations.

Moreover, heightened forex turnover, bolstered by a $2.5 billion boost in dollar supply by the CBN and other banking institutions over the past two weeks, underscores the market’s resilience and vitality.

In parallel market transactions, the Naira further strengthened to N1,220, with Bureau De Change operators reporting increased demand and a positive outlook. The CBN’s direct sale of foreign exchange to operators at competitive rates has significantly contributed to the appreciation of the Naira, fostering improved trading activities.

Currency analysts anticipate that the Naira will sustain its upward trajectory against the dollar in April, supported by ongoing CBN interventions and favorable market dynamics. The reactivation of Bureaux de Change operations has notably enhanced dollar liquidity in the retail segment, further bolstering confidence in the Naira’s resilience.


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Gbenga Samson
Gbenga Samsonhttp://ThisDayLive.com
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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