The naira has further appreciated in both the official and parallel markets on Tuesday. It appreciated by 1.78% at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Also read; CBN directs BCDs to sell dollar at most N1,269
It exchanged for ₦1,382.95 to the United States Dollar on NAFEM on Tuesday, while exchanging at an even lower rate at the black market.
During intra-day trading, the naira exchanged for a high of ₦1,486.00 and a low of ₦1,300.00.
According to the data compiled from the FMDQ Securities Exchange, the naira has strengthened from ₦1,431.28 on Thursday in the preceding week to ₦1,382.50 on Tuesday.
Naira rates on X (formerly Twitter) quoted the naira exchanging at ₦1,345.37 to the US$ in the black market as at 11.00am on Tuesday.
Tue 26 Mar, 2024 • 11:00 AM
💵 1 USD ⇛ ₦1,345.370
💷 1 GBP ⇛ ₦1,711.818
💶 1 EUR ⇛ ₦1,466.149
💶 1 CAD ⇛ ₦928.703
v1.1.6— ₦aira Rates (@naira_rates) March 26, 2024
Naira Rates quoted the naira to have exchanged at ₦1,405.46 as at 11.00am on Monday.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday raised its benchmark interest rate by 200 basis points to 24.75 Percent.
In a press briefing at the end of the MPC meeting, the CBN Governor noted with satisfaction the level of stability achieved in the foreign exchange market in the last few weeks.
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Nnamdi Maduakor is a Writer, Investor and Entrepreneur