Naira Appreciates further to N1382 per Dollar as Presidency Warns Speculators

In a remarkable turn of events, Nigeria’s currency, the naira, has made a further impressive leap, as it appreciates to N1,382 per dollar on Thursday.

This development, as reported by the Nigerian Autonomous Foreign Exchange Market (NAFEM), signifies a significant appreciation of N154.48 from its previous position of N1,536.83.

Such a substantial gain marks a pivotal moment for the naira, which hasn’t seen such positive momentum in a considerable period.

This financial milestone arrived on the heels of the Central Bank of Nigeria (CBN)’s announcement that it had successfully cleared $7 billion worth of valid foreign exchange claims.

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This move is part of a broader effort to bolster the country’s forex reserves.

Hakama Sidi-Ali, the CBN’s Acting Director of Corporate Communications, highlighted this achievement in a statement, emphasizing that the clearance of the foreign exchange transaction backlogs was a key commitment fulfilled by the CBN Governor, Mr. Olayemi Cardoso.

The action aligns with strategies outlined in the previous month’s Monetary Policy Committee meeting, aimed at stabilizing the exchange rate.

The intended effects are multifaceted, seeking not only to curb imported inflation but also to restore confidence in the banking sector and the broader Nigerian economy.

The positive trend didn’t stop at the official market; the naira also saw stability in the parallel market, exchanging at N1,500 to a dollar across various regions including Lagos, Abuja, and Kano.

This stability is a welcome change for many, reflecting a newfound confidence in the naira’s strength.

According to currency traders in Lagos, the exchange rate hovered between N1,500 and N1,520, with expectations of further appreciation in the coming days.

One Bureau De Change (BDC) operator, Haruna Agege, expressed optimism about the naira’s trajectory, advising those holding on to dollars to consider entering the market.

“So if you have dollars at home, it is advisable to bring it out,” he recommended, signaling anticipated further gains for the naira.

This development comes as the presidency issued a warning to speculators betting against the naira, indicating that the tide is turning in favor of Nigeria’s currency.

The concerted efforts by the Central Bank and the positive response from the forex market point towards a period of recovery and strength for the naira.

As the country navigates this new economic landscape, the focus remains on maintaining this momentum and ensuring long-term stability for the naira.

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