Naira Strengthens Against Dollar 24 Hours After Fall

CBN Food Import Funding

The Naira has regained value against the US dollar in the official foreign exchange market, just 24 hours after experiencing a depreciation.

Central Bank of Nigeria (CBN) exchange rate data for Tuesday revealed that the Naira strengthened to N1,525 per dollar, up from N1,538.50 on Monday. This marks a gain of N13.5 compared to the previous day’s rate.

However, the parallel (black) market saw no improvement, with the Naira closing at N1,665 per dollar on Tuesday, down from N1,630 on Monday.

CBN Food Import Funding

EKO HOT BLOG reports that the Naira’s decline on Monday was the first since the CBN introduced the Electronic Foreign Exchange Matching System (EFEMS), aimed at ensuring transparency in FX transactions.

Economists remain hopeful that if the Naira maintains its upward trajectory against the dollar, it could have a positive effect on the prices of imported goods.

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James Agbenu