The Naira concluded the week on a positive note, experiencing a marginal appreciation against the US Dollar in the Foreign Market, driven by strategic interventions by the Central Bank of Nigeria.
According to data from FMDQ, the Naira strengthened to N1,435.53 per US Dollar on Friday, marking a noteworthy 1.8% or 26.37 gain compared to Thursday’s closing rate of N1,461.90.
This marks the second consecutive marginal appreciation for the Naira within the week. The parallel market also witnessed an upward trend, with the Naira trading at 1,440 per US Dollar on Friday, up from N1,470 the previous day.
In the last four days, the Central Bank, under the leadership of Governor Olayemi Cardoso, has implemented four policy reforms aimed at stabilizing the Naira amid its recent volatility.
Notably, the CBN issued guidelines on foreign currency hoarding and speculation, along with fresh directives for International Money Transfer Operators (IMTOs), lifting the cap on exchange rates quoted by them.
Despite these interventions, the Naira experienced a hike to N1,435.53 from its rate of N891.90 per US Dollar seven days ago, highlighting the ongoing challenges in the foreign exchange market.
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