Naira Records Best Rate Against Dollar Since January 2024

The Nigerian naira continued its upward gain against the American dollar, closing at an official exchange rate of N1278.58 to $1 on Tuesday, 2nd April 2024.

The Tuesday NAFEX figure represents the naira’s best performance against the dollar since January 26, 2024.



This closure below the N1,300 ceiling is the first occurrence since January 26 of this year on the official market when the exchange rate escalated from N891.9/$1 to N1,348.62/$1 the following day.

Since then, it has maintainined a closure above N1,300/$1 ever since with the naira depreciating as low as N1,615/$1 on March 13, 2024.

Earlier, Naija News had reported that the Nigerian Naira appreciated significantly in the foreign exchange (FX) market as trading resumed after the Easter holiday, with rates dropping to N1,238.3 against the US dollar.

Bureau De Change (BDC) operators reported buying rates at N1,220 per dollar and selling rates at N1,265 per dollar for both cash and transfer transactions.

In the parallel or black market, the Naira saw a further appreciation to N1,225 per dollar, marking a 1.99 percent increase from the previous week’s close of N1,280.

This uptrend in the Naira’s value is attributed to the Central Bank of Nigeria (CBN)’s recent initiative to clear all verified foreign exchange backlogs, with a final tranche of $1.5 billion being processed.

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