Naira Appreciates Further Against Dollar in Official and Parallel Markets

The Nigerian Naira continued to strengthen against the dollar at both the official and parallel markets on Tuesday, March 20, 2024.

The currency gained N10 at the parallel market, closing at N1,590/$1 compared to the N1,600 recorded on Monday.

Meanwhile, the official Nigerian Autonomous Foreign Exchange (NAFEM) appreciated to N1,560.57, a gain of N36.77 compared to the N1,597.34 it closed on Monday.

The daily turnover at the NAFEM market increased by 38.96 percent, from $140.45 million on Monday to $195.13 million on Tuesday.

This indicates a growing demand for the Nigerian currency in the official market.

The appreciation of the Naira in both markets is a positive development for the Nigerian economy, as it reduces the cost of imports and helps to stabilize prices in the country.

It also signals growing confidence in the Nigerian economy and its ability to attract foreign investment.

However, it remains to be seen whether this trend will continue in the coming days and weeks, as the foreign exchange market is subject to various factors that can influence the value of the Naira.

The Central Bank of Nigeria (CBN) and other relevant authorities will need to monitor the situation closely and take necessary measures to ensure the stability of the Nigerian currency.