The Nigerian naira’s value against the US dollar saw a significant increase on Monday, with rates ranging between N1,360 and N1,408.04 per USD in both the parallel and official foreign exchange markets. According to Mistila Dayyabu, a Bureau De Change Operator in Wuse Zone 4 Abuja, the naira was being sold at N1,360 per USD on Monday evening, marking a substantial gain compared to the previous week’s rates.
This positive trend continued as FMDQ data indicated a further appreciation to N1,408.04 per USD on Monday, showing a N23 gain against the dollar in the forex market. This development coincided with the Central Bank of Nigeria’s ongoing Monetary Policy Committee meeting in Abuja, highlighting the country’s efforts to stabilize its currency.
In a bid to encourage market confidence, President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, advised speculators to sell off their dollars to avoid potential losses as the naira continues to strengthen. This sentiment was echoed by Goldman Sachs analysts, who predicted a further appreciation of the naira to N1200 per US dollar within the next 12 months.
Overall, the naira’s recent gains reflect a positive outlook for Nigeria’s economy and currency, signaling potential opportunities for investors and traders alike. As the country navigates through economic challenges, the strengthening naira serves as a beacon of hope for its financial stability and growth.
