Naira rises as Tuesday’s FX trading begins

    On Tuesday, the naira increased against the dollar by 0.79 percent (N8) as foreign currency (FX) trading resumed after the independence holiday.

    The dollar was trading at N1,000 when the market started on Tuesday, compared to N1,008 on Friday on the parallel market.

    Read also>>>Nigeria and Iran are pumping more oil, increasing OPEC production

    According to data from the FMDQ, the naira strengthened in the Investors and Exporters (I&E) forex window on Friday as the dollar was quoted at N755.27 as opposed to N775.31 on Thursday last week.

    Naira rises
    Naira Vs Dollar

    The market is waiting for Olayemi Cardoso, the new governor of the Central Bank of Nigeria (CBN), to announce his next policy move, which is thought to be what caused the naira to appreciate.

    Cardoso, who was recently confirmed by the Senate as the CBN governor along with the four deputy governors, suggested that the top bank be reset.

    Naira rises
    Naira race

    In order to combat the present naira slump, which has become a significant burden for the economy, he said that his top objective would be to figure out how to aggressively offset large FX debts.

    Explore more news>>>