The Nigerian Naira has appreciated to ₦1,080 per dollar in the parallel market, from ₦1,230 per dollar last weekend.
While similarly appreciating in the Nigerian Foreign Exchange Market, NAFEM, to ₦1,136.04 per dollar.
According to data obtained from FMDQ by Africa Today News, New York, it showed that the indicative exchange rate for NAFEM fell to N1,136.04 per dollar from N1,143.38 per dollar last week Friday, indicating N7.34 appreciation for the naira.
Consequently, the margin between the parallel market and NAFEM rates narrowed to N56.04 per dollar from N86.62 per dollar last Friday.
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The figure represents an appreciation of N50 or 4.34 percent from the N1,150/$ it traded on April 12.
At the FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, the local currency rose by 5.72 percent or N69.02 to N1,136.04/$ on Monday — from N1,205.06/$ on April 12.
On April 11, the presidency said President Bola Tinubu’s multi-faceted approach to eliminating foreign exchange (FX) racketeering is strengthening the naira against global currencies.
In a statement on Wednesday, Ajuri Ngelale, special adviser to the president on media, said the country’s financial position will improve, leading to the possibility of Nigerians experiencing a stronger naira and a decrease in the prices of goods.
“The President has been very consistent in his view that the labour pains felt by our people and the incredible sacrifices made by our people over the past 10 months would be rewarded across the board,” Ngelale said.
Africa Today News, New York recalls that last week, Goldman Sachs Group said the naira could extend gains to trade below N1,000 to the dollar.
According to the Goldman Sachs Global Investment Research (2022) report, which revealed the “25 Largest Economies in the World by 2075”, the projection puts Nigeria ahead of Pakistan at 6th position, Egypt (7th), Brazil (8th), Germany (9th), UK (10th) Mexico (11th), Japan (12th), Russia (13th), Philippines (14th), and France (15th).
Other countries trailing Nigeria in the forecast included Bangladesh, which is projected to emerge as the 16th world’s largest economy by 2075, Ethiopia (17th), Saudi Arabia (18th), Canada (19th), Turkey (20th), Australia (21st), Italy (22nd), Malaysia (23rd), South Korea (24th), and South Africa, which occupied the 25th position.