The exchange rate between the Naira and the Dollar closed at N1,278.58 on Tuesday, April 2, 2024, marking the first trading day on the official NAFEX market.
This closure below the N1,300 ceiling is the first occurrence since January 26 of this year.
On the official market, the exchange rate escalated from N891.9/$1 on that day to N1,348.62/$1 the following day, maintaining a closure above N1,300/$1 ever since. The Naira depreciated to as low as N1,615/$1 on March 13, 2024.
However, since the introduction of a slew of effective forex policies, the Naira has gained over 21% on the dollar since March.
Details later…
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