The Nigerian Naira has experienced significant strengthening in recent days, reaching N1,312.51 per dollar in mid-day trading on Friday, according to data from the London Stock Exchange Group (LSEG). This positive movement follows the Central Bank of Nigeria’s (CBN) disbursement of $1.5 billion to settle outstanding obligations owed to commercial bank customers.

Since facing a devaluation in January, the Naira has encountered persistent challenges. However, the currency was observed trading at 1,301 naira per dollar at 14:28 WAT on Friday, showing signs of recovery.

In the parallel market, the Naira closed at N1,470/$1 on Friday, marking an improvement from N1,600/$1 recorded at the beginning of the week.

The CBN’s intervention, announced on Wednesday, involved clearing its entire verified foreign exchange backlog by disbursing $1.5 billion to settle outstanding obligations to commercial bank customers.

President Bola Tinubu stated, “The positive development around Naira’s exchange value doesn’t call for clinking of glasses yet. There is a need for more work and efforts to sustain the gains,” while urging Nigerians to report currency sharp practices. He also urged Nigerians to support indigenous goods and services to sustain this momentum.

The exchange rate of the Naira to other international currencies has been weakening since the government introduced a policy to float the currency last year, aiming to curb currency arbitrage. Despite the recent positive developments, President Tinubu emphasized the need for continued vigilance and encouraged patriotic Nigerians to report any instances of currency manipulation or sharp practices.

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Author: Deborah Oyinloye

With an interest in media, Deborah aims to impart the lives of people positively.

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