In a remarkable turnaround, the Naira has staged a dramatic rebound, strengthening against the Dollar at both the official and parallel foreign markets, following a steady decline that lasted for several days.
According to data from FMDQ, the Nigerian currency appreciated marginally to N1,554.65 against the Dollar on Thursday, representing a significant gain of N7.33 compared to the N1,561.98 traded on Wednesday. This increase marks a notable shift in the Naira’s value against the Dollar.
At the parallel market, the Naira also appreciated to N1,550 on Thursday, up from N1,560 traded on Wednesday, with a foreign currency turnover of $348.82 million.
READ MORE: Kaduna Health Workers Call Off Strike As Govt. Promises To Improve Welfare Package.
While this appreciation is a welcome development, it’s important to note that the Naira has declined steadily since last Friday, losing N52.31 in value.
“The Naira’s appreciation is a positive sign, but we need to see a sustained trend to confirm a reversal in the currency’s fortunes,” said an analyst, who requested anonymity.
The Naira’s rebound has sparked hopes of a possible turnaround in the currency’s fortunes, but only time will tell if this appreciation is a mere blip on the radar or a significant shift in the market dynamics.
