Naira Records Significant Gain Against US Dollar in Monday Forex Trading

In a positive start to the week, the Nigerian Naira strengthened its position against the US Dollar on Monday in the foreign exchange market. Official data released by FMDQ revealed that the Naira appreciated to N837.77/$1, marking an impressive gain of N89.42 or a 10.67% increase compared to the Friday closing rate of N927.19/$1.

The forex turnover at the market’s close on Monday reached $73.94 million, indicating a substantial 32.87% growth compared to the previous trading day. However, the Naira maintained relative stability at the parallel market, holding steady at N1165/$1 on Monday, the same rate observed on Friday.

Dayyabu Mistila, a Bureau De Change Operator in Wuse Zone 4, shared insights, revealing that he is selling US Dollars at N1165/$1 while buying at N1,155/$1 on Tuesday morning.

Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, addressing the Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary recently, acknowledged the challenges posed by the fluctuating exchange rate. He expressed confidence in addressing these issues through corrective actions and strategic measures, emphasizing the bank’s commitment to transparency and fairness.

Financial expert Prof Godwin Oyedokun attributed Nigeria’s forex crisis to weak economic fundamentals, low foreign reserves, increased external debts, and a dual forex window, calling attention to the need for comprehensive solutions to restore stability.