Naira gains against US Dollar at foreign market

Against the US dollar, the Naira saw a notable increase in the Foreign Market due to the Central Bank of Nigeria’s extensive policy changes.

The Naira strengthened against the dollar on Monday, rising to N1419.86 from N1,435.53 on Friday, according to data from FMDQ.

In comparison to the N1,435.53 reported at the close of trading on Friday, this signifies a 1.1% or 15.67 gain.

Similarly, the Naira saw an increase in the parallel market, trading at 1,410 US dollars to N1,440 last Friday.

Under its governor, Olayemi Cardoso, CBN has implemented four policy changes in the previous seven days to stem the Naira’s wild collapse.

The Naira fell from N891.90 per US dollar on January 26 to N1,410 on Monday as a result of the CBN’s publication of the “Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology” last week.

Similarly, ZINGTIE notes that CBN issued guidelines on Wednesday last week to prevent stockpiling and foreign exchange speculation.

Additionally, the CBN lifted the ceiling on the exchange rate that IMTOs could offer and released new guidelines for IMTOs operating in Nigeria.

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