The Nigerian Naira saw a significant boost in value as it appreciated to N1000 per US dollar at the start of the week in the foreign exchange market. This positive development was confirmed by Bureau De Change operator, Mistila Dayyabu, in an exclusive interview with Media Talk Africa.
Dayyabu shared his insights, predicting that the Naira is poised to strengthen even further, potentially dipping below the N1000 per dollar threshold as the week progresses. Currently, the Naira is trading between N1000 and N1050 per dollar, indicating a promising trend in the currency’s performance.
This uptick in the Naira’s value follows its recent accolade as the best-performing currency in April, as reported by Goldman Sachs. Just last Friday, the Naira experienced a notable gain of N60 against the dollar post-Eid-el-Fitr holidays, showcasing its resilience and stability in the market.
Over the past few months, the Naira has been on a steady upward trajectory, climbing from N1,900 in February to N1000 in the parallel market. Despite this positive trend, many Nigerians have expressed concerns that the Naira’s appreciation has not translated into lower prices for goods and services.
The latest inflation report from the National Bureau of Statistics revealed a concerning uptick in food inflation, which surged to 40.01 per cent in March 2024. This data underscores the ongoing challenges faced by consumers amidst the Naira’s strengthening position in the foreign exchange market.
As the Naira continues to make strides in the global currency landscape, it remains crucial for policymakers and stakeholders to address the disconnect between currency value and its impact on the economy. Stay tuned for more updates on Nigeria’s economic landscape and the evolving dynamics of the Naira’s performance.
