The naira exhibited resilience in the official forex window, recording a 1.09% gain to close at 1,419.86\/$ after assurances from the Central Bank of Nigeria Governor, Olayemi Cardoso, regarding measures to address currency volatility. This positive shift contrasts with the recent record-low of 1482.57\/$, marking a significant recovery attributed to strategic policy interventions by the CBN.<\/p>\n
On the parallel market, the naira faced challenges, trading between 1,440\/$ to 1,460\/$ at Monday’s close, according to Bureau de Change operators. Notably, the currency closed at 1,450\/$ on the alternative forex market last Friday.<\/p>\n
BDC operators shed light on market dynamics, citing the gradual strengthening of the dollar against the naira. Sellers quoted rates between 1,440\/$ and 1,460\/$, indicating a nuanced landscape shaped by hoarders. Mr. Abubakar Abdusallam from a BDC at the Sheraton Hotel in Abuja emphasized the dollar’s gaining ground against the naira.<\/p>\n
Efforts to stabilize the currency were reiterated by Cardoso, revealing that $2.3bn in verified FX requests had been settled, with an outstanding obligation of N2.2bn expected to be cleared shortly. Cardoso also highlighted a $7bn backlog, with $2.4bn facing contention due to various infractions, from invalid import documents to discrepancies in foreign exchange allocations.<\/p>\n
The complexity of Nigeria’s forex situation was underscored by the downgrade from a “frontier” to an “unclassified” market by FTSE Russell in September 2023, primarily due to challenges faced by foreign investors in repatriating funds. In response, the central bank initiated the clearing of FX backlog in banks in November 2023, signaling a concerted effort to address underlying issues affecting the nation’s economic landscape. The eventual stability of the naira, as noted by experts, hinges on effectively tackling fundamental economic issues, including inflation control and fostering robust growth in Nigerian businesses to promote increased exports.<\/p>\n","protected":false},"excerpt":{"rendered":"
The naira exhibited resilience in the official forex window, recording a 1.09% gain to close at 1,419.86\/$ after assurances from the Central Bank of Nigeria Governor, Olayemi Cardoso, regarding measures to address currency volatility. This positive shift contrasts with the recent record-low of 1482.57\/$, marking a significant recovery attributed to strategic policy interventions by the […]<\/p>\n","protected":false},"author":13,"featured_media":18566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[59],"class_list":["post-18564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/18564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=18564"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/18564\/revisions"}],"predecessor-version":[{"id":18601,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/18564\/revisions\/18601"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/18566"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=18564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=18564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=18564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}