On Friday, September 13, 2024, the exchange rate between the Nigerian naira and the US dollar improved to N1,546.41 at the official Investor and Exporter (I&E) window, buoyed by reports that the Dangote refinery would commence petrol distribution on Sunday. The naira’s value rose by 6.3% compared to Thursday’s rate of N1,649.76, as the Nigerian stock market also exhibited upward momentum, supported by positive investor sentiment.
Despite the ongoing volatility in the USD/NGN currency pair, the naira’s recent performance suggests renewed strength, as it returned to the 1,500 range. In the parallel market, the naira further appreciated to N1,614.20 on September 13, 2024, reflecting a 0.9% gain from Thursday’s close of N1,630.00. This improvement indicates that the currency is gradually recovering from previous declines, particularly from levels where it had weakened beyond N1,630.00 in July.
The naira has experienced fluctuations between the N1,500 and N1,600 range since mid-July, seeking stability amid a volatile market environment. After the I&E rate dropped to N1,649.00 on Thursday, the currency rebounded to N1,546.41 on Friday, assisted by a bullish market outlook.
