On Friday, September 27, 2024, Naira strengthened against the US dollar, closing at N1,540.78 in the official Investor and Exporter (I&E) window, marking a 2.24% increase from the previous day.
Gatekeepers News reports that throughout the trading session, the naira experienced volatility, reaching a high of N1,691.00 and a low of N1,530.00 before settling at N1,540.78.
The turnover in the I&E window decreased to $212.31 million from $334.05 million the previous day. In August, the total turnover was $3.3 billion, down from July’s $4.34 billion.
Naira traded as high as ₦1,700 per Dollar at the black market.
Since dropping below N1,600 in July, the naira has faced challenges amid market volatility.
Year to date, the naira has depreciated by approximately 75%, driven by rising inflation and demand for foreign currency. However, Nigeria’s external reserves have slightly improved, increasing from $36.305 billion at the end of August to $36.730 billion by mid-September.
The federal government recently announced that ExxonMobil plans to invest $10 billion in Nigeria’s offshore oil operations.
Also, the Central Bank of Nigeria (CBN) has initiated the sale of an extra $20,000 to each Bureau de Change (BDC) operator at an exchange rate of N1,590 per dollar. This move aims to alleviate demand pressure on the naira. According to CBN guidelines, BDC operators can sell this foreign exchange to eligible end-users at a margin not exceeding 1% above the purchase rate.
