Naira Strengthens Against Dollar in Official FX Market

The Naira has resumed its appreciation against the dollar at the official foreign exchange market, just 24 hours after experiencing a slight depreciation.

According to the Central Bank of Nigeria’s exchange rate data for Tuesday, the Naira strengthened to N1,525 per dollar, up from N1,538.50 traded on Monday. This marks a gain of N13.50 against the dollar compared to the previous day’s rate.

In contrast, the parallel market saw no improvement, with the Naira closing at N1,665 per dollar on Tuesday, down from N1,630 traded on Monday.

Newsflash Nigeria notes that Monday marked the first instance of depreciation for the Naira in the FX market since the Central Bank of Nigeria (CBN) implemented the Electronic Foreign Exchange Matching System (EFEMS) to enhance transparency in FX transactions.

Economists express optimism that sustained appreciation of the Naira in the FX market could positively impact the cost of imported goods, easing inflationary pressures.

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