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April 29, 2024
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Naira gains against US Dollar

The naira has made a significant gain against the US dollar, appreciating by N125 to reach N1,275/$1 over the weekend. This represents a 9.8% increase from the N1,400/$1 rate it traded at on Friday. The Senate’s Committee on Finance has called for urgent efforts to stabilize the naira’s value, citing the need to address its continuous depreciation.

Currency traders at the Wuse Zone 4 market attribute the fluctuations to market uncertainty and urge the government to take decisive action to stabilize the currency. They warn that the naira’s instability is hurting businesses and making trading risky.

The Association of Bureaux De Change Operators of Nigeria (ABCON) plans to unify the retail foreign currency market to tackle volatility and boost regulatory compliance. ABCON President Aminu Gwadabe announced plans to activate geo-mapping and automated physical verification exercises to enable forex buyers to locate BDC offices easily.

Before this gain, the naira had lost 26.2% in two weeks, from N1,125/ $15.83m to 1,583 BDC operators to enhance liquidity in the unofficial market. However, the naira continued its downward trend at the official foreign exchange window, closing at N1,339/$ on Friday, representing a 2.24% depreciation from Thursday.

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