Naira Strengthens for Second Consecutive Day, Gains Against Dollar in Forex and Black Markets

The Naira continued its upward trajectory against the dollar in the foreign exchange market on Thursday, marking a second consecutive day of appreciation. 

According to data from FMDQ, the Naira strengthened to N1,548.59 per dollar on Thursday, up from N1,552.58 recorded on Wednesday. This represents a gain of N3.99, signaling a positive trend in the currency’s value against the dollar.

Similarly, the Naira showed improvement in the black market, firming up to N1,650 per dollar on Thursday from the previous day’s exchange rate of N1,660 per dollar, reflecting a N10 gain.

The sustained appreciation has sparked optimism in the foreign exchange market, as traders and stakeholders monitor the currency’s performance. Analysts attribute this recovery to increased market confidence and interventions by the Central Bank of Nigeria (CBN) under the leadership of Olayemi Cardoso, who recently assumed office as the apex bank’s governor.

On Thursday, Governor Cardoso expressed optimism about Nigeria’s economic outlook, forecasting a growth rate of 4.17 percent by 2025. He highlighted ongoing policy reforms aimed at stabilizing the Naira and fostering macroeconomic stability, including measures to attract foreign investments and improve dollar liquidity in the market.

The recent gains in the Naira’s value have been welcomed by businesses and consumers alike, as the strength of the local currency directly impacts import costs and inflation. While challenges remain, the consistent appreciation over the past two days provides a glimmer of hope for Nigeria’s economy.

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