The Nigerian naira’s value against the US dollar saw a significant increase on Wednesday, reaching N1,300.43 per dollar in the official foreign exchange market. This marks a substantial gain of N82.52 compared to the previous day’s exchange rate of N1,382.95.
According to data from FMDQ, the naira’s appreciation trend was also reflected in the parallel market, where a Bureau De Change Operator in Abuja reported selling the dollar at N1,300. Aminu Gwadabe, President of the Association of Bureau De Change Operators in Nigeria, confirmed that the dollar was being sold for between N1,300 and N1,320.
This positive development comes after the Central Bank of Nigeria’s recent intervention, selling $10,000 to each BDC at N1,251 per US dollar. Analysts at Goldman Sachs had previously predicted in March 2024 that the naira would strengthen to N1,200 per US dollar within a year.
Looking ahead, Gwadabe forecasted that the naira could appreciate even further, potentially reaching N1,000 per USD by December 2024. This optimistic outlook reflects the ongoing efforts to stabilize the Nigerian currency and boost the country’s economy.
As the naira continues to show signs of strength and resilience, investors and observers are closely monitoring the currency’s performance in the global market. With hopes high for further appreciation, the future looks promising for Nigeria’s economic outlook.
