Again, Naira Appreciates Against US Dollar At Forex Market

Again, Nigeria’s currency, the Naira, gained against the US Dollar on Tuesday at the official foreign exchange market.

Official data from FMDQ disclosed that the Naira appreciated N806.73/$1 on Tuesday from N837.77/$1 on Monday.

This represents a N31.04 increase in the local currency compared to the N837.77/$1 it closed on Monday.

The appreciation represents the second time the Country’s currency has been strengthened this week.

The development comes as forex turnover at the close of trading on Monday stood at $73.94 million, representing a 32.87% growth compared to the previous day.

But the Naira depreciated marginally at the parallel market, exchanging at N1170/$1 on Tuesday from N1165/$1 the previous day.

Meanwhile, Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary barely two weeks ago, said that the persistent fluctuating exchange rate was hampering business growth and promised to be transparent and fair to all as the bank performs its function.

“I’m confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws,” he stated.

Since June 14, when CBN floated the Naira, the country’s currency has continued to experience fluctuation in the FX market.

This comes as a financial expert, Prof Godwin Oyedokun, blamed Nigeria’s forex crisis on weak economic fundamentals, low foreign reserves, increased external debts and a double forex window, Daily Post.