The Nigerian currency, the naira, has shown a notable improvement in the foreign exchange market, with major banks like Access, Zenith, UBA, and GTB adjusting their dollar exchange rates to reflect the currency’s appreciation.
According to data from FMDQ securities, the naira closed at N1,617.96/$1 in the official market, representing a 0.6% or N9.44 appreciation compared to the previous trading session. This positive development comes despite a decrease in FX trades to $96.13 million on Monday, down from $269.35 million achieved on the last trading day.
Additionally, in the black market, the naira strengthened by N8, trading at N1,615/$1 compared to the previous session’s N1,623/$1. This improvement indicates growing confidence in the local currency’s stability.
Meanwhile, the Central Bank of Nigeria (CBN) data revealed that the naira also performed well against other major currencies. It depreciated against the pound by N54.89, reaching a trading rate of N2,091.02 per £1, and against the euro by N39.09, ending at N1,779.47 per €1.
Despite the recent positive trends, the naira’s value in the official and black markets remains above N1,600 against the US dollar. However, US-based investment bank Goldman Sachs has expressed optimism about the currency’s future, predicting a rebound that could see it close the year at N1,200 per dollar at the official market.
In light of these developments, there are optimistic expectations that the recent efforts by the Central Bank of Nigeria (CBN) will further contribute to the naira’s recovery and stability in the official market, providing relief to businesses and consumers alike.