FMDQ data indicated that Naira traded for 1,431.49 per USD
on Friday, March 22, compared to N1,665.50 on February 23, 2024.
This represents a N234.01 gain in the past four weeks.
Similarly, the Naira gained N340 against the USD in the
parallel market. This is as Naira exchanged at N1,460 per USD on Friday, March
22, compared to N1,800 a month ago.
We recalls that in the period under review, the Central Bank
of Nigeria had introduced several sweeping policies to rescue the Naira,
including halting cash payment of Personal Travel Allowance, PTA, and Business
Travel Allowance, BTA, ‘Financial Markets Price Transparency and Market Notice
of a Revision to the FMDQ FX Market Rate Pricing Methodology’ and drafted
guidelines for Bureau De Change operators.
On Friday, President Bola Ahmed Tinubu begged Nigerians to
patronise Made-in-Nigeria goods to grow the Naira against USD.
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