CurrentReport Blog As Monday kicked off, the Nigerian foreign exchange market witnessed a remarkable surge as the Naira appreciated to N1000 per US dollar. This positive turn was confirmed by a prominent Bureau De Change operator, Mistila Dayyabu, who also forecasted further appreciation below the N1000 mark throughout the week.
From its recent gains to its current standing, the Naira has been on a steady ascent, particularly against the US dollar. Just days prior, the Naira showcased its resilience by emerging as the top-performing currency in April, as recognized by financial powerhouse Goldman Sachs. This momentum continued after the Eid-el-Fitr holidays, with the Naira gaining an impressive N60 against the dollar.
Dayyabu’s optimism regarding the Naira’s future trajectory underscores growing confidence in the currency’s stability. He pointed out that on Monday, the Naira was trading between N1000 and 1050 per dollar, a notable improvement from previous rates. Anticipating further strengthening as the week progresses, Dayyabu predicts the Naira’s value to dip below the N1000 threshold.
While the Naira’s appreciation is a positive sign, many Nigerians have expressed concerns about its limited impact on the prices of goods and services. Despite the currency’s upward climb, inflation, particularly food inflation, remains a pressing issue. The latest report from the National Bureau of Statistics revealed a significant rise in food inflation to 40.01 per cent in March 2024, highlighting ongoing challenges within the economy.
