Naira Strengthens by N351 Against Dollar in Forex Market Over One Month

The Naira appreciated to N351.12 against the US Dollar in the foreign exchange market over the past month.

This information is based on FMDQ data on the dollar exchange rate from March 8 to April 5, 2024.

Consequently, the country’s currency strengthened by N351.12, rising to N1251.05 per Dollar on Friday from N1602.17 on March 8, 2024.

This represents a 21.9 percent appreciation during the reference period.

The trend indicates that the Naira has been appreciating since last month.

Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprise, attributed the sustained Naira gain in the FX market to the recent forex reforms by the Central Bank of Nigeria.

However, despite this development, Nigerians have yet to witness a significant impact on the country’s soaring inflation, which rose to 31.7 percent in February.