On Friday, March 22, 2024, the official exchange rate between the Naira and the Dollar strengthened to N1,431/$, closing the week on a positive note.
Gatekeepers News reports that this data comes from the FMDQOTC, which is the platform where the exchange rate is officially set.
The currency gained 1.52% at the close of business, continuing a rally that has now lasted 7 days.
The Naira has impressively gained over 12% in just one week, indicating that the central bank’s policies, which have been aggressively implemented since February, are starting to show positive results. The exchange rate closed at N1,431/$1, which is the best rate since February 5th.
According to the FMDQ, the Naira recorded an intra-day high and low of N1,468/$1 and N1,301/$1, respectively, while the NAFEX rate is currently N1,381.35/$1.
Daily turnover was $199.7 million, culminating in a total turnover of $1 billion this week alone, suggesting that improved liquidity is now being experienced in the market.
Nigeria’s external reserve position is currently $34.3 billion and is expected to rise to $35 billion according to projections from the apex bank.
Similarly, on the parallel market where the exchange rate trades unofficially, traders quoted between N1400-N1480/$1 depending on who is buying or selling.
