Business News

Official Exchange rate strengthens below N1,300/$1 for the first time since January

The exchange rate between the Naira and the Dollar closed at N1,278.58 on Tuesday, April 2, 2024, marking the first trading day on the official NAFEX market.

This closure below the N1,300 ceiling is the first occurrence since January 26 of this year.

On the official market, the exchange rate escalated from N891.9/$1 on that day to N1,348.62/$1 the following day, maintaining a closure above N1,300/$1 ever since. The Naira depreciated to as low as N1,615/$1 on March 13, 2024.

However, since the introduction of a slew of effective forex policies, the Naira has gained over 21% on the dollar since March. 

According to data from the FMDQ, the exchange rate closed at N1,278/$1 at the end of trading on Tuesday, up from approximately N1,309.39 a day earlier.

Meanwhile the exchange rate on the parallel market was even stronger at around N1,250/$1 according to various operators tracked by Naijaonpoint.

A series of circulars issued by the Central Bank of Nigeria in recent weeks and months have assisted in plugging leaks and closing loopholes previously utilized by currency speculators and racketeers.