The naira made a remarkable comeback against the US dollar at the official foreign exchange market this week, giving traders and businesses a reason to smile.
According to data from the Financial Markets Dealers Quotations (FMDQ), the naira’s value jumped to N1,390.96 per dollar on Tuesday, a significant improvement from N1,419.11 on Monday. That’s a whopping N28.15 gain, or a 1.98 percent increase, making it the first time the naira has appreciated in days.
This sudden boost in the naira’s value is a welcome change for many who have been keeping an eye on the foreign exchange market. It also reflects a positive shift after a week of consistent depreciation against the dollar.
However, while the official forex market saw a gain, the parallel market painted a different picture. The naira took a hit, dropping to N1,360 per dollar on Tuesday, down from N1,280 the previous day. It’s a reminder that the forex market can be as unpredictable as a game of chess, with unexpected moves and turns.
Whether this upward trend for the naira at the official forex market will continue remains to be seen. In the meantime, let’s enjoy this victory for the naira while keeping an eye on what the future holds for the parallel market.
