Naira Against Dollar
The Naira appreciated against the US dollar on Thursday at the official and parallel foreign exchange markets.
Official data from FMDQ disclosed that it appreciated to N901.41/$1 at the close of work on Thursday.
The figure represents a N3.15 gain compared to the N904.56/$1 quoted at the close of business on Wednesday.
The development comes despite the dollar supply increasing by 22 per cent to $120.89 million on Wednesday.
Similarly, the Naira appreciated in the parallel market, exchanging at N1,240/$1 on Thursday from N1,260/$1 the previous day.
It was gathered that the exchange rate for the Naira against the dollar was quoted at N1,260/$1 on Friday morning.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, speaking on Wednesday before the National Assembly joint committee on Banking and Insurance, said the country’s exchange rate pressures are expected to reduce in 2024.
“Exchange rate pressures are also expected to reduce significantly with the smooth functioning of the foreign exchange market,” he said.”
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