Naira has continued to appreciate in the official market, gaining 1.50% to close at ₦1,431.49 on NAFEM on Thursday.
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During intra-day trading, the naira exchanged for a high of ₦1,468.00 and a low of ₦1,301.00.
The naira gain came a day after the local currency recorded major gains at both the official and parallel foreign exchange markets.
In recent weeks, the naira has gained N500 against the dollar from it record low this year at the unofficial market, as the CBN builds confidence in FX market.
Central Bank of Nigeria on Wednesday announced that it has successfully cleared all valid foreign exchange backlogs.
Naira Rates, an online platform on X (formerly Twitter) reported that at as 11:00am on Friday, Naira exchanged at ₦1,448.38 to the US dollar.
Fri 22 Mar, 2024 • 11:00 AM
💵 1 USD ⇛ ₦1,448.386
💷 1 GBP ⇛ ₦1,852.600
💶 1 EUR ⇛ ₦1,586.437
💶 1 CAD ⇛ ₦1,059.996
v1.1.6— ₦aira Rates (@naira_rates) March 22, 2024
The Nigerian Autonomous Foreign Exchange Market (“NAFEM”) is the market trading segment for Investors, Exporters and End-users. It allows for FX trades to be made at exchange rates determined based on prevailing market circumstances. NAFEM ensures efficient and effective price discovery in the Nigerian FX market.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
