The recent rebound of the naira against the US dollar signals a positive turn in Nigeria’s foreign exchange market. With the Central Bank of Nigeria fulfilling its pledge to clear a substantial backlog of foreign exchange claims, worth $7bn, market sentiment has improved. This move, coupled with stringent measures to curb currency speculation and illegal activities by the CBN and EFCC, has bolstered confidence in the naira’s stability.<\/p>\n
As a result, both the official and parallel markets have seen significant gains for the naira. The official Nigerian Autonomous Foreign Exchange Market recorded a notable appreciation of 4.5 percent, closing at N1,492 per dollar, while the parallel market saw a substantial gain of 13.5 percent, closing at N1,410 per dollar. These gains reflect renewed optimism among traders and investors, with speculators beginning to offload their dollar holdings amid waning demand and increased liquidity.<\/p>\n
Furthermore, recent reforms implemented by the Central Bank of Nigeria have contributed to easing the pressure on the naira\/dollar exchange rate. Efforts to promote a willing buyer-willing seller market, remove limits on margins for remittances, and enhance transparency in the Bureau De Change segment have all played a role in restoring stability to the foreign exchange market. With Nigeria’s external reserves showing sustained growth and a remarkable upswing in Diaspora remittances, the outlook for the naira appears promising in the coming weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"
The recent rebound of the naira against the US dollar signals a positive turn in Nigeria’s foreign exchange market. With the Central Bank of Nigeria fulfilling its pledge to clear a substantial backlog of foreign exchange claims, worth $7bn, market sentiment has improved. This move, coupled with stringent measures to curb currency speculation and illegal […]<\/p>\n","protected":false},"author":19,"featured_media":24110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-24109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/24109","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\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=24109"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/24109\/revisions"}],"predecessor-version":[{"id":24111,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/24109\/revisions\/24111"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/24110"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=24109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=24109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=24109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}