Nigeria Nigerian Naira Gains Ground, Closes at NGN801.10/$1 in Official Market

On Wednesday, the Nigerian naira experienced a significant boost, appreciating against the US dollar as it closed at NGN801.10 per $1. This marks a remarkable 5.83% increase from the previous day's rate, which stood at NGN847.77/$1.

The day's forex market saw an intraday high of N891/$1 and an intraday low of N730/$1, signifying a spread of N161/$1. Forex turnover also recorded a substantial rise, reaching $100.18 million, a 13.71% increase compared to the previous day.

Moreover, the nation's external reserves continued their upward trajectory, with a slight increase to $33.295 billion. These reserves have maintained a seven-day consecutive growth streak, consistently staying above the $33 billion mark since July 2023.

While the official market showed this promising trend, the parallel black market for forex reported a weaker exchange rate, quoting as low as N1310/$1. Peer-to-peer traders offered slightly better rates at around N1293.75/$1.

Furthermore, cryptocurrency traders reflected a more optimistic outlook, quoting as high as N1295.22/$1 for the US dollar.

This financial development aligns with President Bola Ahmed Tinubu's recent commitment to improving foreign exchange liquidity, addressing concerns within the business community. He expressed confidence that, by collaborating closely with the private sector, financing the Three Trillion Dollar National Infrastructure Stock could be achieved in 10 years, rather than the previously estimated 300 years, as highlighted during the 29th Nigerian Economic Summit (NES) in Abuja on October 23