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Home Business & Finance

Naira Rebounds To N1,561 At Official I&E Window Amid Stable Oil Prices

Nnaemeka OkwarabyNnaemeka Okwara
October 9, 2024
in Business & Finance
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Naira Rebounds To N1,561 At Official I&E Window Amid Stable Oil Prices
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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.

Tags: 561 At Official I&E Window Amid Stable Oil Pricesfederal characterNairaNaira Rebounds To N1NewsNigeriaOil price
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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