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NAIRA
The naira has continued its recovery against the US dollar at the parallel market as it appreciated to N1280/$1 on Saturday
The Nigerian naira continued its downward trend against the US dollar at the official exchange window, closing at N1,309.88 on Thursday, March 25th.
The naira recorded significant depreciation against the haven currency in a matter of few weeks despite the recent decline in the US dollar index, influenced by weak U.S economic data.
The naira experienced a decline on Thursday afternoon, falling to N1,450 per dollar in the parallel market.
Exchange rate volatility increased in March 2024 as the Naira traded within an exchange rate range of $/N1,300.43 – $/N1,627.40 compared to $/N1,418.78 – $/N1,665.50 recorded in February
The headline inflation in March 2024 hit 33.20% relative to February 2024 which stood at 31.70%. Inflation in the country has been increasing steadily as the figures continue to flirt around high double-digit numbers
The naira remained above the N1200/$ band in the unofficial market, causing the Nigerian currency to pause its winning streak against the American dollar on a weekly spectrum.
The Nigerian naira held its value against the US dollar in the black market, but it slightly declined in the official market amid a mixed bag of U.S. economic data.
CBN's ban on foreign currency collateral garners analyst support for economic stability and FX liquidity boost
The resurgence of the Nigerian naira on both official and black markets has coincided with a spectacular gain in wealth for Africa's richest man, Aliko Dangote.
Naira has appreciated from a record low of around N1,900/dollar to N1,148/dollar as of April 12, prompting the US investment bank, Goldman Sachs, to pronounce it the best performing currency in the world in April.
The naira strengthened against major currencies on Monday the greenback saw an increased safe-haven demand, in the wake of an Iranian strike on Israel, putting it at more than five-month highs.