The naira appreciated by N137.69 against the United States dollar within a week, following the introduction of the Central Bank of Nigeria’s new foreign exchange platform.
Data obtained from the CBN’s website on Sunday showed that the closing exchange rate, which was N1672.69 per dollar on Friday, November 29, 2024, rose to N1,535/$ at the end of the week on Friday, December 6, 2024, representing an 8.24 per cent gain.
This came as some members of the Organised Private Sector urged the CBN to sustain the naira gain, stressing that this would benefit the Nigerian economy.
The currency’s improvement is attributed to the operationalisation of the new FX platform, as well as higher liquidity and stability in the foreign exchange market.
The CBN’s platform has facilitated more transparent trading, which has helped bridge the gap between the official and parallel markets, thereby stabilising the naira.
Throughout the week, the…
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