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Naira Holds Steady at N1,550/$ in Nigeria’s Foreign Exchange Market

Nnaemeka OkwarabyNnaemeka Okwara
December 20, 2024
in Business & Finance
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Naira Holds Steady at N1,550/$ in Nigeria’s Foreign Exchange Market
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The Nigerian naira maintained its resilience against the US dollar on Thursday, closing at N1,540/$ in the official market, a modest gain of N5 from the previous day’s rate of N1,545/$, according to data from the Central Bank of Nigeria (CBN). This stability shows the ongoing effects of the Central Bank of Nigeria’s (CBN) foreign exchange reforms, which have increased market confidence and liquidity.

In the parallel market, the naira was traded at N1,660 per dollar, showing ongoing demand, especially for foreign exchange used for fuel imports, tuition fees, and holiday spending. Analysts predict the naira will remain above the N1,500 per dollar mark through the holiday season.

The Central Bank of Nigeria’s new Bloomberg Match system, which started on December 2, 2024, has  enhanced market transparency and price discovery, allowing for more effective interventions.  These changes, along with Nigeria going back to the global bond market after two years, have made the naira stronger. The country raised $1.77 billion in its latest Eurobond issuance, providing short-term liquidity relief and improving investor confidence.

Meanwhile, the US dollar index, a key measure of the dollar strength against six other major currencies, reached a two-year high, consolidating around the 108 mark. This increase happened after the US Federal Reserve lowered its main interest rate by 0.25%, bringing it to a range of 4.25% to 4.50%.

Tags: 550/$ in Nigeria’s Foreign Exchange Marketfederal characterFinanceNaira Holds Steady at N1NewsNigeria
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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