Naira Value Rises Against US Dollar As Dollar Supply Improves, Tinubu's Govt sets target for 2024
- The value of Nigerian currency improved against the US dollar at the official foreign exchange market
- This is the second straight day of appreciation for the naira as pressure eases due to the festive season
- Tinubu'ss government has expressed optimism that the naira will enjoy a better performance in 2024
Nigerian currency, the naira appreciated against the United States dollar in the official market after the Christmas holidays
Data captured from FMDQ securities showed naira improved to N872.59/$ in the Nigerian Autonomous Foreign Exchacountry'st (NAFEM) on Wednesday December 27, 2023.
This represents a 1.5% or N13.29 gain when compared with tsession'sus trading session’s N885.88/$1 on Friday, December 22.
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Why the naira improved
The good performance of the naira was largely due to improve forex supply and also reduce pressure.
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Checks by Legit.ng shows that forex turnover stood at $127.93 million compared with the $92.16 million, indicating a $80.77 million or 87.6 per cent jump.
It was also a good performance for the naira Friday'sBritish Pounds Sterling.
CBN data shows that naira gained N176.58 against the Pound Sterling to trade at N1,324.80/£1 comparesession's Friday’s exchange rate of N1,148.22/£1.
It is however a different story for the naira against the Euro, it lost N153.46 to settle at N1,147.23/€1, in contrast to the preceding session’s N993.77/€1.
Nsession'sollar at unofficial markt
At the two unofficial market the Peer-to-Peer (P2P) window and also the black market it was loss for the naira.
At the P2P Naira weakened against the Amsession'srrency in the midweek session by N30 to close at N1,187/$1 versus the previous session’s value of N1,157/$1.
While in the parallel market, the domestic currency depreciated against the US Dollar yesterday by N15 to quote at N1,175/$1, in contrast to the preceding trading session’s rate of N1,160/$1.
Tinubu's govt sets new naira to dollar exchange rate target
Earlier, Legit.ng reported that the federal government has expressed optimism about the naira exchange rate for the coming year.
Ben Akabueze, the DG of the Budget office, also believe that the exchange rate target for 2024 can be achieve.
The Naira in 2023 recorded its worst performance in the official and unofficial foreign exchange market.
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Source: Legit.ng
