There are different questions coming up around the exchange rate of naira to 1USD. You see, there are many factors responsible for the continuous fall of the naira against the dollar at the foreign exchange market.
Chief of which is that Nigeria as a country is not doing much to draw dollars in.
We don’t export enough; foreign direct investment has dropped drastically, yet importation and students travelling abroad for studies are on the rise.
This situation puts the naira under heavy pressure.
However, while people cry that the naira is losing value, it appreciated against the dollar at the official foreign exchange (FX) market after dollar sales increased by 76.60% on Tuesday.
Banks and other willing buyers and willing sellers transacted a total of $117.32 million on Tuesday, higher than $66.43 million sold on Monday.
At the Nigerian Autonomous Foreign Exchange (NAFEM), data from the FMDQ Securities Exchange indicated that naira gained 1.50%.
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According to that data, the value of the naira rose on Tuesday. It was quoted at ₦1,551.24, stronger than ₦1,574.62 quoted on Monday at the market.
Despite various measures put in place by the Central Bank of Nigeria (CBN), the pressure on naira has remained unabated.
This pressure is due to strong demand for dollars by end users for legitimate needs as well as speculators for profiteering.
Naira has maintained a steady fall in the last two trading days hitting a record lowest of ₦1,574.64 on Monday, February 19, 2024 at NAFEM.
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The intraday high closed 1USD traded at ₦1,701 per dollar on Tuesday, stronger than ₦1,712/$1 closed on Monday, while the intraday low steadied at ₦1,100 per dollar.
