The Naira continued its positive trend against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX), closing at N750.14/$1 on Monday, marking a significant recovery of N41.61k from last Friday’s rate of N791.75.
Conversely, on the parallel market, often referred to as the black market, the Naira faced a decline, falling to N1,140 per dollar due to heightened demand for the greenback among end users. This figure represents a 0.44 percent weakening compared to the N1,135 per dollar recorded on the market last Friday. Traders at CMS in the morning session sold dollars at N1,100, while in Ibadan, the rate reached N1,150, and at the Lagos Airport, it stood at N1,145/$1.
Earlier in October, the Naira reached a low of N1,310 per dollar before rebounding to N1.020/$1 by November 3, 2023, as reported by BusinessDay from compiled data.
Data from FMDQ Securities Exchange, overseeing foreign exchange (FX) trading in Nigeria, revealed the local currency hitting an intra-day trading high of N1,120 and a low of N701. FMDQ stated that transactions began at N791.75 to the dollar, closing at N750.75.
Despite these fluctuations, the Naira’s recent recovery traces back to the Nigerian government’s announcement of substantial financial support from Saudi Arabia to bolster the country’s foreign exchange reform efforts.
Additionally, President Tinubu’s attendance at the G-20 Compact with Africa (CwA) Conference in Berlin signifies growing economic ties between Nigeria and Germany. The conference aims to foster economic and business cooperation, with discussions centered on bolstering investments in critical sectors such as energy, trade, infrastructure, and technology.
President Tinubu, addressing investors in Berlin, emphasized Nigeria’s abundant human resources as a key asset in attracting new investments. He highlighted Nigeria’s commitment to fostering local value chains, emphasizing the nation’s energetic and skilled youth population as pivotal in driving economic resurgence and inviting foreign investments. Tinubu reiterated Nigeria’s determination to create a conducive environment for international partnerships, harnessing its vast resources and well-educated populace for sustainable economic growth.