Naira appreciates to N1,506/$ at official market — strongest in seven months

Naira appreciates to N1,506/$ at official market — strongest in seven months

 The naira appreciated to N1,506.08 per dollar at the
official side of the foreign exchange (FX) market on Tuesday.

 

The current rate represents the strongest performance since
March 5, when the price of a dollar was N1,500.8.

 

At the Nigeria Foreign Exchange Market (NFEM), a platform
that oversees official FX trading in Nigeria, the local currency appreciated
marginally by 0.05 percent to N1,506.08/$ on Tuesday — from N1,506.84/$ traded
on Monday.

 

The naira, on September 3, had appreciated to N1,521.45 per
dollar at the official section of the FX market.

 

At the parallel section of the market, the value of the
naira remained unchanged from Monday at N1,525/$.

 

On Monday, Wale Edun, minister of finance and coordinating
minister of the economy, said the floating of the naira by the President Bola
Tinubu administration was yielding positive results.

 

“And with the removal of fuel subsidies and the
liberalisation of the exchange rate, these difficult decisions have also been
taken because they were necessary and they’re yielding positive results,” he
said.

 

“In addition, the government’s priorities include debt
transparency, growth-enhancing borrowing, domestic revenue mobilisation, as
I’ve emphasised, and coordinated debt treatment. And what are the results?”

 

The minister added that the Nigerian economy is turning the
corner.

Source: Naira appreciates to N1,506/$ at official market — strongest in seven months

 - NigerianEye
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