Naira Appreciates to N1000 per US Dollar

Naira Appreciates to N1000 per US Dollar.

In Monday’s foreign exchange market, the Naira surged to N1000 per US dollar, marking a significant appreciation.

According to Daily Post, this revelation was made by Mistila Dayyabu, a prominent Bureau De Change operator.

Dayyabu anticipates further strengthening of the Naira in the coming days, projecting it to dip below the N1000 per dollar threshold.

Currently, the Naira is being traded between N1000 and 1050 against the dollar.

This development follows closely after the Naira claimed the title of the best-performing currency in April, as reported by Goldman Sachs.

Notably, the Naira saw a notable gain of N60 against the dollar post the Eid-el-Fitr holidays.

Over recent months, the Naira has demonstrated a consistent appreciation trend, notably progressing from N1,900 in February to the current N1000 level in the parallel market.

However, despite the positive currency movement, concerns persist among Nigerians regarding its impact on the prices of goods and services.

Notably, the latest inflation report from the National Bureau of Statistics revealed a significant rise in food inflation, reaching 40.01 percent in March 2024.

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