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Naira appreciates to N1,360 against dollars at forex market

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The naira's appreciation against the US dollar continued on Monday, exchanging N1,360 and N1,408.04 per USD at both parallel and official foreign exchange markets. A Bureau De Change Operator at Wuse Zone 4 Abuja, Mistila Dayyabu, told DAILY POST that naira was sold at N1,360 per USD on Monday. 'The naira has gained significantly.

The naira's appreciation against the US dollar continued on Monday, exchanging N1,360 and N1,408.04 per USD at both parallel and official foreign exchange markets. A Bureau De Change Operator at Wuse Zone 4 Abuja, Mistila Dayyabu, told

that naira was sold at N1,360 per USD on Monday. 'The naira has gained significantly. We buy at N1,350 per USD and sell at N1,360 on Monday evening,' he said. The figure represents N100 gain compared to the N1,460 per USD traded on Friday last week. Similarly, FMDQ data showed that the naira appreciated to N1,408.04 per USD on Monday compared to N1,431.49 exchanged last Friday. This presents N23 gain against the USD in the forex market.

recalls President Bola Tinubu's Special Adviser on Information and Strategy, Bayo Onanuga, had urged speculators to dump their dollars to avoid 'tears quickly' due to naira appreciation. In early March 2024, Goldman Sachs analysts forecast that the naira will appreciate to N1200 per US dollar in 12 months.

 

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