A review of foreign exchange trading over the past four weeks reveals notable gains for the Naira against the US Dollar in both the official and parallel markets.
According to data from FMDQ, the Naira traded at 1,431.49 per USD on Friday, March 22, marking a significant increase from 1,665.50 recorded on February 23, 2024. This represents a gain of N234.01 within the four-week period.
Similarly, the Naira saw a notable increase of N340 against the USD in the parallel market, with an exchange rate of N1,460 per USD on Friday, March 22, compared to N1,800 a month prior.
During this period, the Central Bank of Nigeria implemented various measures aimed at stabilizing the Naira, such as halting cash payments for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). Additionally, the ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’ was introduced, along with drafted guidelines for Bureau De Change operators.
In light of these developments, President Bola Ahmed Tinubu urged Nigerians to support locally-made products, emphasizing that this would contribute to the strengthening of the Naira against the USD.
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