On Thursday, the Naira gained ground against the US dollar in both the official and parallel foreign exchange markets, as per data from FMDQ.
Official figures revealed a rise to N901.41 per $1 by the close of the day, marking a notable increase of N3.15 compared to the previous day’s closure at N904.56 per $1.
This upward trend persisted despite a 22% surge in dollar supply, reaching $120.89 million on Wednesday.
Similarly, the Naira strengthened in the parallel market, trading at N1,240 per $1 on Thursday compared to the previous day’s rate of N1,260 per $1.
Reports indicate that by Friday morning, the Naira was quoted at N1,260 per $1 against the dollar.
During a session with the National Assembly joint committee on Banking and Insurance on Wednesday, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, projected a potential reduction in the country’s exchange rate pressures anticipated for 2024.
“Exchange rate pressures are also expected to reduce significantly with the smooth functioning of the foreign exchange market,” he said.
