This news article reports a significant appreciation of the Nigerian Naira against the US dollar in the forex market, with the Naira reaching N1,492.61 per USD.
This appreciation coincided with a surge in foreign reserves to $34.11 billion. The Naira’s value increased by N67.96 compared to the previous day’s trading rate of N1,560.57 per USD.
The surge in foreign reserves and the appreciation of the Naira are seen as positive developments for Nigeria’s economy. Additionally, there was an increase in USD transactions turnover, indicating heightened activity in the forex market.
Naira Hits N795/$1, N1135/$1 in Official, Parallel Markets
Naira’s Sharp Fall Against Dollar Sparks Economic Concerns
At the parallel market, the Naira also appreciated to N1,520 per USD from N1,600 the previous day. The Central Bank of Nigeria had recently announced clearing a $7 billion valid forex backlog, contributing to the strengthening of the Naira.
As of March 7, 2024, Nigeria’s foreign reserves stood at $34.11 billion, representing an increase of $993 million, according to the Central Bank of Nigeria. This suggests a more stable foreign exchange situation, which could positively impact Nigeria’s economy.
