The naira has gained 4.28 percent of its value against the dollar when compared to the lowest of N1,627.40 per dollar closed on March 8, 2024 at NAFEM, according to data compiled from the FMDQ Securities exchange.
Intraday high closed at N1,626.50 per dollar on the spot on Tuesday while the intraday low closed at N1,415/$1 on the same day.
The daily foreign exchange market turnover printed at $195.13 million on Tuesday.
At the parallel market, also known as the black market, the naira strengthened further to 1,570 per dollar as against 1,590 closed on Monday.
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Several analysts expect the naira to stabilise further this week, following the introduction of policy measures by the Central Bank of Nigeria.
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Some of the reforms include: the unification of the foreign exchange market; promotion of a willing buyer willing seller market; removal of all limits on margins for the International Money Transfer Operator (IMTO) remittances; introduction of a two-way quote system and the broad reforms in the Bureau De Change (BDC) segment of the market to restore stability, enhance transparency, boost supply, and promote price discovery in the Nigeria Autonomous Foreign Exchange Market.
Oluyemi Cardoso, governor of the CBN said in his personal statement at the last rate decision meeting that “This strategic move also holds the potential to attract the capital inflows necessary to enhance liquidity in the foreign exchange market and bolster the currency in the immediate term.”
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