The Naira has shown resilience and appreciation against the US dollar in the official forex market following the Christmas holiday. According to Official FMDQ data, the Naira appreciated to N872.59 per $1 compared to N885.88 per $1 before the Christmas break.
However, at the parallel market, a Bureau De Change Operator in Wuse Zone 4, Dayyabu Mistila, revealed that the Naira traded at N1,210 per $1 on Wednesday, slightly up from N1,205 per $1 on Tuesday. The Naira’s slight depreciation at the parallel market was evident compared to its Tuesday performance.
Additionally, on Wednesday, the Naira was exchanged at around N1,193.9 to $1 on Binance, a P2P market and crypto platform. This demonstrates the Naira’s fluctuation in the forex markets since the introduction of FX reforms by the Central Bank of Nigeria on June 14, 2023.
In addressing concerns about the Naira’s performance, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, has reassured Nigerians that the Naira is expected to strengthen in the FX market in 2024.
The Naira’s positive performance post-Christmas break signifies a promising start and sets the tone for potential stability and growth in the forex market. As Nigeria navigates its currency’s fluctuations, market observers and stakeholders are keenly watching the Naira’s trajectory amidst global economic dynamics.
