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The Naira Recovers And Gains More Than N200 Against The US Dollar In A Single Day As Support For Tinubu’s Govt Grows.

Nigerian naira strengthened against the US dollar on Friday, 10 November 2023, following a record-low level on the NAFEM.

According to FMDQ Securities, the local currency closed at N780.14 per dollar on the official market during the last trading day of the week.

That’s a gain of 21.7%, or N216,61, compared to the previous session’s closing price of N996,75/$1 on Thursday, November, 2023, which was down from Thursday, November 2, 2023’s close of N996,00/$1.

The Naira strengthened against the dollar following reports that Saudi Arabia has pledged to provide enough foreign exchange to stabilize Nigeria’s foreign exchange market.

According to Legit.ng, Saudi Arabia’s Crown Prince Mohammed Bin Salman made the promise during a visit to Nigeria by President Tinubu, according to a statement by the Minister of Information and National Orientation, Mr. Mohammed Idris.

“Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu and realize its full potential as the economic giant of Africa.”

Naira to Dollar exchange rate at unofficial market

In the P2P segment, the naira depreciated by N19 against the dollar, settling at N1.041/dollar, compared to N1.027/dollar on the previous day.

The value of the naira against the dollar decreased by N5 on the same day, closing at N1.145/dollar, as compared to the previous day’s level of N1.140/dollar.

On the other hand, the CBN’s spot market data showed that the naira underperformed against the pound sterling, falling by N130/dollar, to close at N1.185/pound sterling, compared to the previous Friday’s price of N1.054/pound sterling.

The price of the Euro decreased by N117.51 to trade at N1.034.18 / €1, compared to the previous day’s price of N999.67 / €1.

Experts give CBN simple solution to naira crises

In a previous article on Legit.NG, financial experts suggested ways to address the ongoing Naira depreciation. They suggested measures that the Central Bank of Nigeria (CBN) and the Federal Government could take to resolve the current exchange rate issues.

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