The Nigerian naira has kicked off the new month on a bullish note, demonstrating resilience against the United States dollar. It appreciated to N1,278.58 per dollar from N1,309.39 per dollar recorded just last week, marking a significant increase of N30.81 at the close of trading activity. This rise in value indicates a positive trend for the national currency, with the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market closing below the N1,300 ceiling for the first time since January 26 of this year.<\/p>\n
The recent uptick in the naira’s performance is attributed to a series of forex policies implemented by the Central Bank of Nigeria (CBN). These reforms, including the unification of exchange rate windows, liberalization of the FX market, and clearance of FX backlog obligations, have bolstered liquidity in the forex market. Additionally, the removal of the daily cap on remunerable Standing Deposit Facility and overhaul of the Bureau De Change segment have contributed to improved dollar supply and reduced forex backlogs, further stabilizing the currency’s value.<\/p>\n
Forex turnover, a key metric in assessing market vibrancy, has seen a notable increase in recent weeks due to the implementation of these policies. High turnover rates signal a robust and active market, indicating investor confidence and economic stability. With increased dollar liquidity and reduced forex backlogs, the naira is expected to maintain its upward trajectory against the dollar, supported by the CBN’s ongoing efforts to regulate and stabilize the forex market.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nigerian naira has kicked off the new month on a bullish note, demonstrating resilience against the United States dollar. It appreciated to N1,278.58 per dollar from N1,309.39 per dollar recorded just last week, marking a significant increase of N30.81 at the close of trading activity. This rise in value indicates a positive trend for […]<\/p>\n","protected":false},"author":19,"featured_media":25630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-25629","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\/25629","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=25629"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/25629\/revisions"}],"predecessor-version":[{"id":25651,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/25629\/revisions\/25651"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/25630"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=25629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=25629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=25629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}