The Nigerian naira yesterday increased by 4.49% and ended at N1,561.76 compared to the United States dollar in the official Investor and Exporter (I&E) window.
Data from the FMDQ Securities Exchange shows that the naira started at N1,635.15, went up to N1,650.00, and down to N1,540.00 before finishing at its closing rate.
The market’s total transactions jumped to $253.68 million, up from $126.24 million on Monday.
In the parallel market, the naira began at N1,619.3 and ended at N1,621.03.
The naira’s improvement is expected to lessen the pressure on Nigeria’s foreign exchange reserves.
Experts believe the increase is due to stable global oil prices, which have stayed above $77 per barrel.
“This change is good for Nigeria’s economy,” said an economic expert. “The local production of jet fuel by the Dangote Refinery will decrease the need for imported fuel, stabilize prices, and help economic growth.”
The Central Bank of Nigeria (CBN) has taken steps to stabilize the situation.
