Naira Sees Notable Gain Against US Dollar in First 2024 Surge

The Naira experienced its first gain of the year against the US dollar on Thursday, according to data from FMDQ. The national currency appreciated, trading at N895.23 per US dollar, showcasing a notable improvement from the previous day’s rate of N1,035.12 per US dollar.

This positive shift marked a 13.51% increase in value compared to Wednesday’s figures. However, in the parallel market, the Naira experienced a marginal decline, exchanging at N1230/$1, reflecting a 0.81% decrease from the previous rate of N1,220 per dollar.

The forex market’s closing statistics revealed a decrease in turnover, with a recorded $68.49 million, indicating a 20.06% drop compared to the preceding day.

It is noteworthy that just a week ago, the Nigerian federal government received a $2.25 billion foreign exchange support loan from the African Import-Export Bank (Afrexim). Experts within the financial sector had predicted that such a substantial injection of funds could play a crucial role in stabilizing the foreign exchange market, potentially contributing to the observed positive momentum in the Naira’s value.