The value of the Naira is increasing, and Nigerians are sincerely happy, most people can’t even wait to see the exchange rate drop to as low as ₦800 or ₦500.
Apart from the joy that comes from such good news, the wait is on to see how quickly this will affect the prices of foodstuff and goods in the market.
Interestingly, the value of the Naira rose by ₦18 against the Dollar in the official market on Thursday.
This marks a significant rise in the value of the Naira which closed on Thursday at ₦1,382/$ in the official market.
The government has, however, issued a stern warning to speculators to desist from undermining the value of the Naira.
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An increase in Dollar supply has been attributed to the reason for the rise in the value of the Naira.
Naira Appreciated In Official And Black Market
This was evidenced by trading data from the FMDQ Securities Exchange Limited, showing a 1.3% appreciation of the naira.
Also, information has it that the currency gained in the official and parallel markets the previous day, closing at ₦1,400/$ in the black market.
The official market intraday high reached ₦1,598 per dollar, an improvement from Wednesday’s close of ₦1,620.
While the intraday low firmed up to ₦1,300/$, from ₦1,350/$ the day before.
Also, market dynamics shifted with a notable increase in dollar supply, rising to $288.47 million, a 7.46% increase from the previous session’s $268.29 million.
FX Backlog Clearance Contributed To The Rise Of Currency
The recent positive trend in the forex market is due to the claim by the Central Bank of Nigeria (CBN) that it cleared all valid foreign exchange backlogs.
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If everything goes well, Nigerians may not have to wait long to witness a dramatic economic change.
