Naira Strengthens Significantly to N1,492 Against USD Amidst Reserve Surge

The Naira has surged massively to N1,492.61 against the US dollar at the official foreign exchange market, riding on the back of a surge in foreign reserves, which now stand at $34.11 billion.

Data from FMDQ revealed that the Naira gained an impressive N67.96 on Wednesday, marking a considerable shift from its previous rate of N1,560.57 per USD.

This marks the first instance since last month that the Naira has breached the N1,500 mark against the USD, signaling a positive turn for the Nigerian currency.

The surge coincided with a notable increase in USD transactions turnover, which escalated to $268.29 million on Wednesday, up from $195.13 million the day before.

Likewise, in the parallel market, the Naira saw a commendable appreciation, reaching N1,520 per USD on Wednesday, compared to N1,600 on Tuesday.

The recent positive momentum follows the announcement by the Central Bank of Nigeria that it successfully cleared a $7 billion valid forex backlog, indicating proactive measures to stabilize the currency.

Furthermore, the apex bank disclosed that the country’s foreign reserves experienced a substantial uptick, reaching $34.11 billion, reflecting an increase of $993 million as of March 7, 2024.