Naira Records Third Consecutive Gain Against US Dollar in 2024

In a positive development for the Nigerian economy, the Naira has registered its third consecutive gain against the US dollar at the official foreign exchange market.

Data from the Financial Markets Dealers’ Quotations (FMDQ) revealed that the Naira strengthened to N856.57 per dollar, marking a noteworthy improvement from N869.13 per US dollar at the close of business on Friday.

This surge signifies a significant 1.45% increase, equivalent to N12.56, in the local currency compared to its value at the end of last week.

Monday’s upward trend marks the third instance of the Naira gaining strength against the US dollar since Thursday.

However, in the parallel market on the same day, the Naira experienced a marginal decline, dropping by N1,245 per US dollar compared to NN1,255 per dollar on Friday.

It is worth noting that the Nigerian federal government recently secured a $2.25 billion foreign exchange support loan from the African Import-Export Bank, as reported by SK Blog last week. The loan is aimed at addressing the ongoing forex crisis in the country.