Naira Strengthens By 0.90% As Dollar Supply Increase
<p><img width="1000" height="600" src="https://www.naijanews.com/wp-content/uploads/2021/10/nigerian-naira-1000x600.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Dollar to naira exchange rate today" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2021/10/nigerian-naira-1000x600.jpg 1000w, https://www.naijanews.com/wp-content/uploads/2021/10/nigerian-naira-590x354.jpg 590w, https://www.naijanews.com/wp-content/uploads/2021/10/nigerian-naira-400x240.jpg 400w" sizes="(max-width: 1000px) 100vw, 1000px" /></p>
<h2>The <a href="https://www.naijanews.com/topic/naira/">Nigerian Naira</a> has appreciated significantly against the US dollar, marking a 0.90 per cent increase as the official foreign exchange (FX) market saw a surge in supply this Tuesday.</h2>
<p>According to data from the FMDQ Securities Exchange, the Naira closed at N1,603.38 per dollar, a significant improvement from Monday's rate of N1,617.96 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).</p>
<p>The intraday trading witnessed the Naira climbing to a high of N1,637 per dollar from Monday's low of N1,650/$1, and the day's lowest exchange rate also strengthened, closing at N1,425.35 compared to N1,511 the day before.</p>
<p>This appreciation was fueled by a 27.09 percent increase in the dollar supply in the market. On Tuesday, transactions totaled $122.18 million, a substantial rise from $96.13 million recorded on Monday.</p>
<p>Contributors to this supply include banks and other willing sellers and buyers in the FX market.</p>
<p>Parallel market figures also mirrored this positive trend, with the Naira appreciating by 0.81 percent to the average of N1,605 against the dollar.</p>
<p>Exchange rates in this sector saw dollars being traded within a range of N1,600 to N1,612.</p>
<p>Market analysts link this fortuitous uptick to the Central Bank of Nigeria's (CBN) recent decision to hike the Monetary Policy Rate by 400 basis points to 22.75 percent, up from 18.75 percent, to combat persistently high inflation rates among other economic challenges.</p>
<p>Despite these gains, concerns remain about the Naira's stability. The Economist Intelligence Unit (EIU) highlights ongoing challenges such as high inflation, negative real interest rates, and a scarcity of foreign reserves that continue to undermine confidence in the Naira, even after a 45 percent devaluation in February.</p>
<p>The EIU forecasts caution against expecting another devaluation but suggest that foreign borrowing might be leveraged to bolster foreign reserves, potentially stabilizing the Naira towards the end of 2024.</p>
<p>Looking forward, the EIU predicts a gradual weakening of the Naira, projecting an exchange rate of N1,770:US$1 by the end of 2024 and N1,817:US$1 by the end of 2025.</p>
<p>The report also forecasts a more significant depreciation by 2028, with an expected rate of N2,381:US$1, attributed to monetary and fiscal policy challenges and fluctuating world oil prices.</p>
<p>The post <a href="https://www.naijanews.com/2024/03/13/naira-strengthens-by-0-90-as-dollar-supply-increase/">Naira Strengthens By 0.90% As Dollar Supply Increase</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
The Nigerian Naira has appreciated significantly against the US dollar, marking a 0.90 per cent increase as the official foreign exchange (FX) market saw a surge in supply this Tuesday.
According to data from the FMDQ Securities Exchange, the Naira closed at N1,603.38 per dollar, a significant improvement from Monday’s rate of N1,617.96 at the Nigerian Autonomous Foreign Exchange Market (NAFEM). The intraday trading witnessed the Naira climbing to a high of N1,637 per dollar from Monday’s low of N1,650/$1, and the day’s lowest exchange rate also strengthened, closing at N1,425.35 compared to N1,511 the day before. This appreciation was fueled by a 27.09 percent increase in the dollar supply in the market. On Tuesday, transactions totaled $122.18 million, a substantial rise from $96.13 million recorded on Monday. Contributors to this supply include banks and other willing sellers and buyers in the FX market. Parallel market figures also mirrored this positive trend, with the Naira appreciating by 0.81 percent to the average of N1,605 against the dollar. Exchange rates in this sector saw dollars being traded within a range of N1,600 to N1,612. Market analysts link this fortuitous uptick to the Central Bank of Nigeria’s (CBN) recent decision to hike the Monetary Policy Rate by 400 basis points to 22.75 percent, up from 18.75 percent, to combat persistently high inflation rates among other economic challenges. Despite these gains, concerns remain about the Naira’s stability. The Economist Intelligence Unit (EIU) highlights ongoing challenges such as high inflation, negative real interest rates, and a scarcity of foreign reserves that continue to undermine confidence in the Naira, even after a 45 percent devaluation in February. The EIU forecasts caution against expecting another devaluation but suggest that foreign borrowing might be leveraged to bolster foreign reserves, potentially stabilizing the Naira towards the end of 2024. Looking forward, the EIU predicts a gradual weakening of the Naira, projecting an exchange rate of N1,770:US$1 by the end of 2024 and N1,817:US$1 by the end of 2025. The report also forecasts a more significant depreciation by 2028, with an expected rate of N2,381:US$1, attributed to monetary and fiscal policy challenges and fluctuating world oil prices.
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<img src="https://www.mtlblog.com/media-library/montreal-skyline.jpg?id=55321888&width=2000&height=1500&coordinates=210%2C0%2C210%2C0"/><br/><br/><p>If you've been feeling like living in Montreal has become more of a challenge lately, you're not imagining it.</p><p> The Globe and Mail just released its second annual ranking of <a href="https://www.mtlblog.com/best-cities-in-canada-work-life-balance-2024" target="_blank" rel="noopener">Canada's most livable cities</a>, and Montreal has taken a serious tumble.
</p><p> While we're no strangers to heated debates about how Montreal stacks up against the <a href="https://www.mtlblog.com/world-best-cities-montreal" target="_blank" rel="noopener">best cities in Canada</a>, this year's results have given us plenty to chew on.
</p><p>That's right — the city often celebrated as a cultural hub and <a href="https://www.mtlblog.com/montreal-best-places-to-travel-2025" target="_blank" rel="noopener">international destination</a> didn't even crack the top 150 in Canada. For 2024, Montreal now sits at a disappointing #171, after plummeting 29 spots from last year's already low rank of #142.</p><p> The <a href="https://www.theglobeandmail.com/investing/article-most-livable-cities-canada-2024/" target="_blank" rel="noopener">ranking</a> evaluated 448 communities across Canada using 50 variables across 10 categories the Globe deemed crucial when considering moving to a city — things like health care, education, local economy, housing, safety and amenities.
</p><p> This year, new metrics were added, including long-term climate change impacts and the availability of museums and galleries, with the goal of painting a more detailed picture of what makes a city desirable beyond just affordability.
</p><p> It's worth noting that the ranking looked at municipalities rather than metropolitan areas or census divisions. Therefore, suburbs and neighbouring cities within Greater Montreal — including enclaves like Mount Royal and Westmount — are all ranked individually. And most of them outshine the city itself.
</p><p> For instance, Mount Royal ranked in lofty 18th place — the highest-ranking spot in Quebec — while Westmount came in at a respectable #34. Meanwhile, West Island suburbs like Kirkland (#103), Beaconsfield (#107) and Pointe-Claire (#118) also ranked way higher than Montreal.
</p><p> This fragmented approach could partly explain why the City of Montreal struggles to compete against big cities like Toronto, whose wealthier suburbs like North York and Etobicoke are part of the larger municipality.
</p><p> Other Greater Montreal municipalities that outranked the city itself include Boucherville (#38), Rosemère (#45), La Prairie (#58) and Laval (#69). </p><p>Meanwhile, the province's other bigger cities like Quebec City (#46), Lévis (#57) and Gatineau (#121) also ranked much higher than Montreal, despite our strengths in education (#4 in Canada) and amenities (#9). Dismal scores in climate (#425), economy (#433), and safety (#445 — yes, out of 448) pushed the city down the rankings.
</p><p> Nationally, the top three cities were all in B.C.: North Vancouver, West Vancouver and Victoria. Vancouver proper ranked a respectable 12th, and Toronto ranked at #82 — not much to write home about, but then again, who are we to judge?</p><p>Here are the top 10 most livable cities in Canada for 2024, according to the Globe and Mail:</p><ol><li>North Vancouver, B.C.</li><li>West Vancouver, B.C.</li><li>Victoria, B.C.</li><li>Winnipeg, Manitoba</li><li>Regina, Saskatchewan</li><li>Saskatoon, Saskatchewan</li><li>Calgary, Alberta</li><li>Pitt Meadows, B.C.</li><li>Penticton, B.C.</li><li>Oakville, Ontario</li></ol><p><span></span>For a city that has so much going for it, it stings to see Montreal lagging so far behind. But if there's one thing Montrealers excel at, it's turning setbacks into motivation. </p><p>Could 2025 see a comeback? Only time — and perhaps a bit of collaboration across the island — will tell.</p><p><em>Love this? Check out our <a href="https://www.mtlblog.com/notices/" target="_blank" rel="noopener">MTL Blog noticeboard</a> for details on jobs, benefits, travel info and more!</em>
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