The Naira, has continued to gain strength over the past few months. Yesterday, it appreciated from N1,230 per $ last weekend to N1,080$ in the parallel market.
Also the naira improved in value in the Nigerian Foreign Exchange Market, NAFEM, to N1,136.04 per dollar.
According to data from FMDQ the exchange rate for NAFEM fell to N1,136.04 per dollar from N1,143.38 per dollar last week Friday, indicating N7.34 appreciation for the naira.
The Governor of Central Bank of Nigeria, CBN, Mr. Yemi Cardoso had vowed on assumption of office to stabilize the Naira and ensures that it aligns with president Tinubu’s multi faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices. Cardoso promised Nigerians a stronger naira that will reflect in a significant drop in the prices of essential commodities by the first quarter of 2025.
According to the latest data released by the National Bureau Of Statistics, NBS, on Monday, the nation’s headline inflation moved to 33.20% in March 2024. NBS had said that in March 2024, the inflation rate showed an increase of 1.50%, when compared to the February 2024 headline inflation rate. Recall that as at February, the naira was exchanging for N1,900/ per dollar to nearly N1,200/$ last week.
However, despite the apparent gain in the value of the naira against the dollar and other foreign currencies, prices of goods have continued to soar by over 30 per cent. Nigerians are yet to receive the expected reprieve.
But, hope seems to be in the horizon with the Cardoso’s unrelenting determination to give the naira its pride of place among other foreign currencies. Time. however, will tell if his plans will work.
Consequently, the margin between the parallel market and NAFEM rates narrowed to N56.04 per dollar from N86.62 per dollar last Friday.