The naira’s impressive rally against the US dollar continued on Thursday, with the local currency exchanging at N1,382.35 per USD at the official foreign exchange market.
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Data from FMDQ showed that the naira gained a whopping N110 against the greenback compared to the previous day’s rate of N1,492 per USD. This represents a significant strengthening of the naira since last Friday, when it traded at N1,602.75 per USD.
Similarly, the naira appreciated to N1,400 per USD at the parallel market on Thursday, up from N1,500 the previous day, according to a Bureau De Change operator in Abuja’s Wuse Zone 4.
“The naira has gained massively. We buy at N1,400 per USD and sell at N1,420 on Thursday evening,” confirmed Yusuf Dayyabu, a BDC operator.
The naira’s continued appreciation comes on the heels of the Central Bank of Nigeria’s (CBN) clearing of the $7 billion pending valid forex backlog. This has contributed to a notable increase in the country’s foreign reserves, which reached $34.11 billion as of March 7, 2024, a $993 million jump.
The development has also vindicated the recent call by President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, urging currency speculators to quickly dump their dollar holdings to avoid “sorrows and tears” as the naira is set to appreciate further.
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