Toba Owojaiye reporting
Abuja, Nigeria
In a remarkable turn of events, the Nigerian Naira has soared to N1,492.61 against the US dollar in the official foreign exchange market, buoyed by a surge in foreign reserves which now stand at an impressive $34.11 billion.
Truth Live News gathered that this surge represents a substantial gain of N67.96 from its previous rate, marking the first time in recent weeks that the Naira has bounced back across the N1,500 mark against the USD.
Data from FMDQ indicates a notable increase in USD transactions turnover, reaching $268.29 million on Wednesday, reflecting growing confidence in the Naira. Concurrently, in the parallel market, the Naira witnessed a commendable appreciation, climbing to N1,520 per USD compared to N1,600 the day prior.
This positive momentum follows the Central Bank of Nigeria’s successful clearance of a $7 billion valid forex backlog, signaling proactive measures to stabilize the currency. Furthermore, the apex bank reported a substantial uptick in foreign reserves, growing by $993 million as of March 7, 2024.
The recent success heralds the effectiveness of policy adjustments by the CBN and leadership changes within the President Tinubu administration, highlighting a promising outlook for the Nigerian economy.
As the Naira continues its upward trajectory, investors and stakeholders alike are optimistic about the country’s financial resilience and stability. The masses are praying it leads to a reduction in prices of food communities
and cost of living.