Again, Naira Gains Against Dollar After CBN’s Recent Actions

On Monday, the Nigerian Naira showed a surge in strength against the US dollar in the parallel foreign exchange (FX) market, eliciting optimism among currency traders and economic observers.

In Lagos’s bustling streets, bureau de change (BDCs) operators quoted the naira at N1,440 to the greenback, marking a significant appreciation compared to previous rates. The buying price hovered around N1,400, while the selling price settled at N1,440, offering a profitable margin of N40 for traders.

This positive movement signifies a noteworthy appreciation of N30, or 2.04 percent, from the N1,470 to the dollar rate recorded on March 22.

The surge in the naira’s value has instilled cautious optimism among market participants, who are closely monitoring the sustainability of this trend. The positive trends could be linked to several interventions by the Central Bank of Nigeria, CBN, aimed at strengthening the Naira amid its free fall in the past months.

Meanwhile, the FMDQ Exchange, responsible for overseeing the country’s official FX transactions, reported a rise in the naira’s value to N1,408.08 against the dollar, reflecting an increase of 1.64 percent or N23.41 from the rate of N1,431.49 observed on March 22.