Category: General

Naira Appreciates To N1,382/Dollar

<p><img width="1000" height="600" src="https://www.naijanews.com/wp-content/uploads/2021/12/naira-Dollar-1000x600.jpeg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Naira Fights Back, Bureau De Change Operators Confirm New Dollar To Naira Black Market Rate" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2021/12/naira-Dollar-1000x600.jpeg 1000w, https://www.naijanews.com/wp-content/uploads/2021/12/naira-Dollar-590x354.jpeg 590w, https://www.naijanews.com/wp-content/uploads/2021/12/naira-Dollar-400x240.jpeg 400w" sizes="(max-width: 1000px) 100vw, 1000px" /></p> <h2>The Nigerian <a href="https://www.naijanews.com/topic/naira/">naira</a> continued its upward trajectory against the United States dollar, closing at 1,382/$ in the official market on Thursday, marking a significant N18 gain.</h2> <p>This development follows a <strong><a href="https://www.naijanews.com/2024/03/21/dump-your-dollars-now-to-avoid-tears-naira-will-appreciate-soon-presidency/" target="_blank" rel="noopener">stern warning from the Presidency</a></strong> to currency speculators against undermining the national currency, cautioning that such activities would lead to financial losses.</p> <p>The naira's strengthening is attributed to increased dollar supply in the Nigerian Autonomous Foreign Exchange Market (NAFEM), as evidenced by trading data from the FMDQ Securities Exchange Limited, showing a 1.3 percent appreciation of the naira.</p> <p>The currency had already made substantial gains in both official and parallel markets the previous day, closing at N1,400/$ in the black market.</p> <p>The official market saw the intraday high reaching N1,598 per dollar, an improvement from Wednesday’s close of N1,620, while the intraday low firmed up to N1,300/$, from N1,350/$ the day before.</p> <p>Market dynamics shifted with a notable increase in dollar supply, rising to $288.47 million, a 7.46 percent increase from the previous session's $268.29 million.</p> <p>The recent positive trend in the forex market comes after the Central Bank of Nigeria (CBN) announced the clearance of all valid foreign exchange backlogs, a move aimed at bolstering market confidence.</p> <p>The CBN’s Governor, Olayemi Cardoso, reaffirmed the commitment to settling inherited forex claims totaling $7 billion, with $1.5 billion already disbursed to fulfill bank customer obligations.</p> <p>The financial measures have seemingly started to reflect positively on Nigeria's economic indicators, with the country's foreign currency reserves climbing 3.62 percent to $34.37 billion as of March 12, 2024.</p> <p>Moreover, a dramatic increase in Diaspora remittances, which soared to $1.3 billion in February from $300 million in January, indicates a growing confidence in Nigeria's economic management.</p> <p>These developments hint at a recovering economy and a stabilizing naira, offering a glimpse of optimism for Nigeria's financial stability and exchange rate predictability.</p> <p>The post <a href="https://www.naijanews.com/2024/03/22/naira-appreciates-to-n1382-dollar/">Naira Appreciates To N1,382/Dollar</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>