The Nigerian naira has been making significant gains against the US dollar, with the official exchange rate reaching N1,382.35 per USD on Thursday, according to data from FMDQ. This marks a substantial increase from the previous day’s rate of N1,492, representing a gain of N110 against the USD in the forex market.
In addition, the naira has seen a remarkable improvement of N220.4 since last Friday, when it was trading at N1,602.75 per USD. The parallel market also saw the naira appreciating to N1,470 per USD on Thursday, up from N1,500 the day before.
Mistila Dayyabu, a Bureau De Change Operator in Wuse Zone 4 Abuja, confirmed the positive trend, stating that they were buying at N1,470 per USD and selling at N1,480 on Thursday evening. This surge in the naira’s value has been welcomed by many, including President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, who advised speculators to sell their dollars to avoid potential losses.
The Central Bank of Nigeria’s efforts to clear the $7 billion pending valid forex backlog have contributed to this positive development. As a result, the country’s foreign reserves have increased to $34.11 billion, up by $993 million as of March 7, 2024.
Overall, the naira’s recent appreciation against the US dollar has been met with optimism and is a promising sign for Nigeria’s economy.
