The Naira regained ground to appreciate massively against the dollar on Thursday 11th January 2024 at the official market after it maintained a record low on Wednesday 10th, 2024.
The domestic currency appreciated by 19.17% to close at N874.79 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.
However, the naira dropped at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.40%, quoted at N1245/$1, while peer-to-peer traders quoted around N1261.57/$1.
Afreximbank recently released $2.25 billion out of the $3.3 billion foreign exchange (FX) support facility to Nigeria’s FG to relieve the acute liquidity shortage in the country’s FX market.
This pivotal agreement was officially signed on December 29, 2023, marking a milestone in the financial cooperation between the involved entities, who also recently signed a $150 million deal.
The arrangement also includes Guvnor and Sahara Energy as key participants in the transaction, highlighting the collaborative effort of multiple stakeholders.