By Abimbola Ogunnaike
A review of foreign exchange trading in the past four weeks shows that Naira is on the ascendancy as it gained N234.01 and N340 against the US Dollar at the official and parallel foreign exchange market.
In the latest FMDQ data, it 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.
Recall that in the period under review, the Central Bank of Nigeria(CBN) 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, 22 March, 2024, President Bola Ahmed Tinubu appealed to Nigerians to patronise Made-in-Nigeria goods to grow the Naira against USD.
