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.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
