The exchange rate between the naira and the dollar strengthened for the third consecutive day, closing at N1,534.9/$1 on the official market. This marks the strongest level the naira has reached in 7 days. The official NAFEX rate, which serves as the average rate and benchmark rate used by the CBN, was quoted at N1,567.65 on March 1st, 2024.
The official exchange rate has remained below N1,600 since February 28th, indicating a gradual return to stability in the official market.
Why the Naira is gaining.
Checks from Nairametrics reveal that the exchange rate last traded above N1,600/$1 on February 28th, when it sold for N1,609.51/$1.
Since then, it has sold for N1,595.11 and N1,548.25 on February 29th and March 1st, respectively, establishing a trend that should reassure policymakers.
The official exchange rate fell to N1,615.94/$1 as the central bank intensified its efforts to combat inflation.
Forex turnover in the last three days of trading has improved, averaging $250 million per day, up from $160 million per day a week earlier.
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