That the Naira gained against the Dollar might be a good news but the big question is what will this change?
The news that the economy is picking up is a pleasant one but it will be more pleasant when it affects the price of things in the market.
Due to the increase of dollar in circulation, the Naira maintained a steady appreciation of its value against the dollar.
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Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the Naira appreciated by 4.55% on Wednesday.
According to the FMDQ Securities Exchange Limited, the dollar was quoted at ₦‎1,492.61 on Wednesday, stronger than ₦‎1,560.57 quoted on Tuesday
Intraday high closed at ₦‎1,620 per dollar on Wednesday, stronger than ₦‎1,626.50 closed at on Tuesday.
Also, the intraday low strengthened to ₦‎1,350 per dollar on the same day, stronger than ₦‎1,415/$1 closed on the previous day.
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The dollar supplied by FX market players increased by 37.49% to $268.29 million on Wednesday from $195.13 million recorded on Tuesday at NAFEM.
As we look forward to the Monetary policy committee meeting, Nigerians are expecting more good news.
Not only good news but that the prices foodstuff that has risen astronomically goes back to what it used to be.
Will that ever happen? Only time will tell.
