After the launch of the Central Bank of Nigeria‘s new foreign exchange platform, the value of the naira rose by N137.69 versus the US dollar in just one week.
The closing exchange rate, which was N1672.69 per dollar on Friday, November 29, 2024, increased to N1,535/$ at the end of the week on Friday, December 6, 2024, reflecting an 8.24% gain, according to data taken from the CBN’s website on Sunday.
This occurred as certain members of the organised private sector emphasised that the Nigerian economy would benefit from the CBN maintaining the naira gain.
Higher liquidity and stability in the foreign exchange market, along with the operationalisation of the new FX platform, are credited with improving the currency.
The naira has stabilised as a result of the CBN’s platform enabling more transparent trade, which has assisted in closing the gap between the official and black markets.
The naira’s exchange rate increased steadily during the week, however it fluctuated daily.
