It was an impressive outing for Nigeria’s local currency this week, as the naira gained against the dollar.
The naira rose by 23.51% against the dollar on the official exchange platform
You see when Moses Bliss sang the song ‘Miracle no dey tire Jesus.’
A lot of people jumped on that song without expecting any miracle
On Friday, a long-anticipated miracle happened at the exchange, the value of the naira gained 23.51% against the dollar in one week to close at ₦889.86/$ on the official Investors and Exporter window.
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This is a ₦209.19 gain from the all-time official low of ₦1,099.05/$ it fell to last week Friday according to data from the FMDQ Securities Exchange.
The naira fell to an all-time low last Friday, to cap the local currency’s turbulent couple of months.
The ₦1,099.05/$ is the lowest rate the naira has officially closed since the Central Bank of Nigeria adopted the I&E window as the official trading channel for the naira.
On Friday, the naira opened trading at ₦901.12/$ before closing at ₦889.86/$.
Despite its recovery, the local currency is not out of the woods yet with dollar shortage persisting in the country.
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Since May, the naira has depreciated by 41% in the official market and by 30% in the black market.
The effect is the higher cost of importation and an elevated level of inflation which rose to 28.20% as of the end of November.
