The Naira on Monday showed signs of appreciating to N1,000 to $1 before the end of the week as it has risen to N1,115 on the black market.
At the official foreign exchange, FX, market, the Naira recorded a four-month high of N1,142.38 to $1, as dollar supply increased on Friday.
The Central Bank of Nigeria, CBN, last month said it has successfully resolved all valid foreign exchange backlogs, as pledged by Governor Olayemi Cardoso, addressing inherited claims amounting to $7 billion.
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According to data from the FMDQ Securities Exchange, total inflows into the Nigeria Autonomous Foreign Exchange Market, NAFEM, increased by 41.7 percent to $3.75 billion as against $2.64 billion recorded in February. This is the highest level since March 2019 ($6.07 billion).
Nigeria’s Central Bank last week reviewed the exchange rate for the Bureau De Change, BDC, Operators to N1,101 per dollar from N1,251, as it plans to sell $15.88 million to 1,588 eligible BDCs.
As part of measures to control inflation and stabilise the Naira, the CBN last month raised its benchmark interest rate, known as the Monetary Policy Rate, MPR, by 200 basis points to 24.75 percent from 22.75 percent in February 2024.
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