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5 Major Times Naira Gain Over Dollar In 2024
The continuous decline in Nigeria’s currency value witnessed almost weekly, has emerged as a predominant topic in various media platforms, sparking widespread discussions and debates
The continuous decline in Nigeria’s currency value witnessed almost weekly, has emerged as a predominant topic in various media platforms, sparking widespread discussions and debates. This swift devaluation instills a sense of unease among Nigerians, as it poses a significant risk of worsening the prevailing challenges of high inflation and unemployment. This article contains major Times the Naira gained over the Dollar in 2024
1. Naira Gain Over Dollar On 22nd Of March 2024
Nigeria’s naira rose to a five-week high against the dollar in intraday trading on the 22nd of March, a day after the Central Bank of Nigeria hiked interest rates to tame inflation and lifted restrictions on foreign investors participating in its fixed-income auctions. The online data showed that the currency rose to 1,200 per dollar on the official market, strengthening above the parallel market levels at about 1,340.
However, Africa’s largest economy has been grappling with dollar shortages that pushed its currency to a record low of 1,851 per dollar last month, though central bank Governor Olayemi Cardoso has said that dollar liquidity is improving.
2. Naira Gain over Dollar on 27th March 2024
In March 2024, the Nigerian Naira experienced a notable appreciation against the US dollar, signifying a significant shift in Nigeria’s exchange rate policy. According to official data, the Naira concluded the month at N1309 per US dollar on the final trading day, reflecting a substantial increase from N1595.11 per US dollar recorded after February 2024.
The 21.8% increase underscores the effectiveness of various forex policies, strategies, and interventions by the Central Bank of Nigeria (CBN) aimed at bolstering the national currency. In the parallel market, the Naira exhibited a notable recovery, with the exchange rate strengthening from N1600/$1 in February to N1250/$1 in March, marking a 28% gain within a month and demonstrating the success of efforts to narrow the gap between official and unofficial currency markets.
3. Naira Gain Over Dollar On 16th of April 2024
Despite ongoing inflationary pressures nationwide, the Naira continued its upward trend against the United States dollar in both authorized and unauthorized foreign exchange markets. Based on market data released on the FMDQ website, the Naira closed at N1,136.04/$1 compared to the previous market session’s rate of N1,142.38 recorded.
The recent gains recorded by the local currency at both the official and unofficial markets these past weeks came amidst ongoing efforts by the government to stabilize the currency and address inflationary pressures in the country following an unprecedented drop in the currency value.
4. Naira Gain Over Dollar On 25th of April 2024
On Thursday, the Naira continued its downward trajectory against the United States dollar, reaching N1,309/$ at the official market and N1,420/$ at the parallel market. This new rate signifies a depreciation of N90 or 6.8% from the N1,330, this was driven by renewed demand pressure for the dollar in the foreign exchange market.
The depreciation of N1,420/$ on Friday marks a 2.24% decline compared to Thursday’s rate of N1,309/$, signaling a full week of depreciation at the official market. Trading activity between willing buyers and sellers amounted to a total of $1 billion at the Nigerian Autonomous Foreign Exchange Market.
5. Naira Gain over Dollar On 26th Of April
Over the weekend, the Naira showcased notable strength against the United States dollar, appreciating by N125 to reach N1,275/$1. This new rate signifies a significant 9.8% increase from the previous closing rate of N1,400/$1 on Friday. The naira’s quick gain at the close of April comes after a surge in demand for dollars in the parallel market driven by banks and end-users, combined with slow forex disbursement to Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN).
Meanwhile, the Senate’s Committee on Finance emphasized the importance of collaborative efforts among stakeholders to restore and maintain the stability of the Naira. Urgent action is deemed necessary to address the national currency’s ongoing instability and persistent depreciation.
5 Major Times Naira Gain Over Dollar In 2024 Are:
1. Naira Gain over Dollar on 27th March 2024
2. Naira Gain Over Dollar On 22nd Of March 2024
3. Naira Gain Over Dollar On 16th of April 2024
4. Naira Gain Over Dollar On 25th of April 2024
5. Naira Gain over Dollar On 26th Of April