Naira Achieves Milestone: Closes at N1,300.43 per USD on Wednesday

The national currency, naira, showcased further resilience against the US dollar, settling at an impressive N1,300.43 per dollar in the official foreign exchange market on Wednesday.

Data from FMDQ revealed a notable surge, with the naira climbing to N1,300.43 per USD, marking a substantial gain of N82.52 compared to the preceding day’s rate of N1,382.95.

Moreover, parallel market reports from a Bureau De Change Operator in Wuse Zone 4, Abuja, Mistila Dayyabu, indicated a corresponding exchange rate of N1,300 per USD.

Aminu Gwadabe, President of the Association of Bureau De Change Operators in Nigeria (ABCON), affirmed the prevailing exchange rates, citing a range of N1,300 to 1,320 for the US dollar.

Gwadabe expressed optimism, projecting a further appreciation of the naira to N1,000 per USD by December 2024.

Recalling recent events, it’s noteworthy that the Central Bank of Nigeria (CBN) executed a significant intervention by selling $10,000 to each Bureau De Change at N1,251 per US dollar on Monday.

Notably, analysts at Goldman Sachs had earlier forecasted in March 2024 that the naira could strengthen to N1,200 per US dollar within the next 12 months.