Naira Gains More As Exchange Rate Drops To N1,300/$1 At Official Market

Naira on Wednesday, 27 March 2024 recorded further gains as the exchange rate against the dollar dropped to N1,300/$1 at the official market.

This reflects N82.95 or 6 per cent gain when compared to N1,382.95/$1 recorded on Tuesday, 26 March 2024, according to Nigerian Autonomous Foreign Exchange Market data published on FMDQ Securities and Exchange platform where the official exchange rate is quoted.

The data show that there was an intraday high of N1,460 and a low of N1,200.

READ ALSO: Naira’s Winning-streak Continues As Value Rises To N1,382/$1 At Official Market  

The daily forex turnover on Wednesday was $416.10 million reflecting an increase of $170.52 million or 69.4 per cent from $245.58 million recorded on Tuesday.

The naira has continued to witness appreciation in recent times in what analysts attributed to the result of several monetary policies implemented by the Central Bank of Nigeria.

On Monday, the CBN announced the second tranche of sales of FX to eligible Bureau de Change operators, with each getting $10,000 at the rate of N1,251/$1 and a mandate to sell at a spread of not more than 1.5 per cent of the purchase price.

This and more other monetary policy measures are to boost liquidity in the forex market,  curb the activities of currency speculators, and strengthen the value of the naira as the CBN continues to fight soaring inflation.