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    Tuesday, January 16, 2024

    Naira Records Massive Gain Against US Dollar at Forex Market

    The Naira recorded a significant gain at the beginning of the workday on Monday at the official foreign exchange market.

    Data from FMDQ showed that the Naira weakened to N838.95 per dollar on Monday from N890.54 per dollar on Friday.

    This represents a N51.79 gain or a 5.79 per cent gain in the local currency compared to the N890.54 it closed on Friday.

    However, the Naira depreciated slightly at the parallel forex market.

    The exchange rate quoted at N1,265 per US dollar, representing a 0.40 per cent decrease over what it closed the previous day.

    The depreciation at the official forex market comes after the Nigerian government received a $2.25 billion foreign exchange boost loan from the African Import-Export Bank over a week ago.

    Meanwhile, the Naira had continued to fluctuate in the forex market. The Central Bank of Nigeria floated the country’s currency on June 14 last year.

    The Nigeria’s headline inflation soared for the twelve consecutive time to 28.92 per cent in December.

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