Naira bounces back
On Wednesday, the naira showed a strong recovery against the United States dollar at both the official and parallel markets.
The local currency experienced a notable increase in value against the greenback in the black market.
As the Central Bank of Nigeria announced the final settlements of all valid foreign exchange backlogs, it is evident that the apex bank governor, Mr. Olayemi Cardoso, has fulfilled his promise to process an inherited backlog of $7 billion in claims.
In Abuja on Wednesday, Mrs. Hakama Sidi Ali, the Acting CBN Director of Corporate Communications, revealed that the central bank had recently resolved a backlog of $1.5 billion.
According to data compiled from the FMDQ Securities Exchange, the naira closed trading at 1,410/dollar at the parallel market and N1,492 at the official Nigerian Autonomous Foreign Exchange Market on Wednesday.
According to data from FMDQ Securities, the Nigerian currency experienced a rise in value, reaching N1,492.61/$1 on Wednesday, March 20, 2024.
On Wednesday, the exchange rate experienced a 4.4% increase, resulting in an N67.96 appreciation. This is in comparison to the rate of N1,560.57/$1 that was recorded on Tuesday, March 19.
The value of forex transactions recorded midweek reached $268.29 million on Wednesday, showing a significant increase of 37.5%, or $73.16 million, compared to the previous day’s achievement of $195.13 million. Furthermore, according to the CBN data, the naira experienced a decline against the pound sterling in the official market on Wednesday. It traded at N1,985.38/£1, compared to the previous day’s rate of N1,880.54/£1.
By Nnaemeka Odenigbo
