Naira appreciates further against US Dollar at official forex market
By Naomisophyblog
The Naira resumed work positively after the Christmas holiday as it depreciated against the US dollar at the parallel market on Wednesday.
Official FMDQ data disclosed that Naira appreciated N872.59 per $1 compared to N885.88 per $1 quoted on Friday before Christmas break.
Meanwhile, at the parallel market, the A Bureau De Change Operator in Wuse Zone 4, Dayyabu Mistila, disclosed to DAILY POST that the Naira traded at N1,210 per $1 on Wednesday from N1,205 per $1 on Tuesday.
“We sold at N1,210 per $1 as of Wednesday, compared to N1,205 on Tuesday. However, we buy at N1,200 per $1 on Wednesday,” he said.
The quoted figure showed that the country’s currency, the Naira, marginally dropped compared to the N1,205 to $1 it traded on Tuesday.
Meanwhile, on Wednesday, Naira traded around N1,193.9 to $1 on Binance, a P2P market and crypto platform.
Since June 14, 2023, when the apex bank introduced FX reforms, the Naira has been fluctuating in the forex markets.
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The Governor of the Central Bank of Nigeria, Olayemi Cardoso, recently assured Nigerians that the Naira is expected to strengthen in the FX market in 2024.
