Naira gains by 0.79% against dollar, as FX resumes post-independence holiday

By Sodiq Adelakun

Naira experien ced a 0.79 percent increase against the US dollar on Tuesday, gaining N8 as foreign exchange trading resumed following the independence holiday.

At the parallel market, the Naira opened at N1,000 to the dollar, compared to N1,008 on Friday.

Meanwhile, at the Investors’ and Exporters’ forex window, the Naira appreciated by 2.59 percent, with the dollar quoted at N755.27 on Friday, compared to N775.31 on Thursday of the previous week, according to data from the FMDQ.

The naira appreciation was attributed to a moderation in demand for the greenback as the market awaits the next policy action of Olayemi Cardoso, the new Central Bank of Nigeria (CBN) governor.

Cardoso, who was recently approved as the governor of the Central Bank of Nigeria (CBN) by the Senate, has put forward a proposal to overhaul the apex bank.

His main focus will be finding effective strategies to tackle the significant foreign exchange (FX) obligations in order to combat the current depreciation of the naira, which is placing a heavy strain on the economy.