In a significant turn of events, the Naira saw its first major upturn of 2024, gaining ground against the US dollar at the forex market. According to data from FMDQ, the Naira appreciated to N895.23 per US dollar on Thursday, marking a remarkable improvement from its position at N1,035.12 per US dollar just the day before. This surge reflects a substantial 13.51% increase in value within a single day.
In contrast, the parallel market witnessed a slight decline as the Naira dipped to N1230 per US dollar, indicating a 0.81% decrease from its previous rate of N1,220 per dollar on Wednesday.
The day concluded with a forex turnover of $68.49 million, signifying a 20.06% decrease in comparison to the previous day’s turnover. This fluctuation comes in the wake of the Nigerian federal government receiving a $2.25 billion foreign exchange support loan from the African Import-Export Bank just a week ago. Many experts within the financial sector had anticipated that this sizable loan would play a pivotal role in stabilizing the FX market.
The positive shift in the Naira’s performance has sparked optimism within the financial landscape, and the international community is closely observing the unfolding dynamics in the Nigerian forex market. This latest development hints at a potential revival for the Naira and serves as an indicator of the evolving economic landscape in Nigeria.
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