No more N1k/$: Naira recovers, appreciates massively against US dollar

Nigerian currency, the Naira recovered from its history low to close the year below N1,000 a dollar exchange rate at official market.

Data from FMDQ securities shows that the naira closed on Friday, December 29^, 2023 at N907 per dollar in NAFEM window.

This represents a 13.03% or N135.89 per dollar gain when compared to N1,043 per dollar it closed on Thursday, December 28.

This happened as the naira recorded an intra-day high hit N1,224 per dollar, while the intra-day low was N700 per dollar.

Naira to dollar at the unofficial market

It was the same story in the parallel market as  the naira appreciated by N10 per dollar to close at N1,215 per dollar from the previous close of N1,225 per dollar.

This signifies a 0.82% gain in the black market as currency traders quoted the buying rate at N1,200 per dollar and the selling price at N1,215, leaving a margin of N15 per dollar

The year 2023 will be ending with the official and the black market exchange rate gap widened to N307.89.

Expectations for Naira in 2024

Ben Akabueze, the director-general of the federation’s budget office, has said that the Naira will strengthen in value in the foreign exchange market in 2024.

Speaking in an interview with Channels TV on Tuesday, December 26, 2023, the Budget Office DG said this will be possible as the country expects an increase in dollar supply.

He noted that the Tinubu-led government expects the reforms initiated in 2023 to start yielding results in 2024, which is why it maintains a positive stance on the exchange rate.