Naira Appreciates Against Dollar at Official Market

The Nigerian currency, Naira, has recorded a significant gain against the US dollar at the official market. According to data from the FMDQ Exchange, the Naira appreciated by N9.93, trading at N1,607.15 to the dollar on Monday.

This represents a 0.61% gain compared to the previous trading date on August 2, when the Naira exchanged at N1,617.08 to a dollar. The appreciation is a welcome development for the Nigerian economy, which has been grappling with a depreciating currency in recent times.

Despite the gain, the total daily turnover reduced to $77.09 million on Monday, down from $131.55 million recorded on August 2. However, the Naira still traded robustly at the Investor’s and Exporter’s (I&E) window, exchanging between N1,620.50 and N1,570.00 against the dollar.

The Naira’s appreciation is a testament to the efforts of the Central Bank of Nigeria (CBN) to stabilize the currency. The CBN has been implementing various measures to boost foreign exchange reserves and curb speculation in the foreign exchange market.

The development is also a positive sign for the Nigerian economy, which has been facing challenges in recent times. The country’s economy has been growing at a slow pace, and the depreciation of the Naira has been a major concern for policymakers.

In conclusion, the Naira’s appreciation against the dollar is a welcome development for the Nigerian economy. The CBN’s efforts to stabilize the currency are paying off, and the economy is expected to benefit from the development.