Naira appreciates against dollar at foreign exchange market
Twenty-four hours after depreciating, the Naira is now restored to its previous level of appreciation against the US dollar on the official foreign currency market.
The Naira appreciated to N1,525 per dollar on Tuesday, according to Central Bank of Nigeria exchange rate data, from N1,538.50 on Monday.
Compared to the N1538.50 exchanged the day before, this indicates a gain of N13.5 against the dollar. In the meantime, the black naira did not gain value, closing Tuesday at N1665 to the dollar from N1630 on Monday.
According to the DAILY POST, Monday was the first time the Naira declined in the foreign exchange market since the CBN implemented the Electronic Foreign Exchange Matching System (EFEMS) to facilitate transparent foreign exchange transactions.
Economists are hopeful that the price of imported goods will be impacted if the Naira can sustain its advance against the dollar in the foreign exchange market.
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