Naira gains for third straight day on official market, closes N1,534.9/$1

Naira gains for third straight day on official market, closes N1,534.9/$1

For the third consecutive day, the naira recorded some gain on Monday, closing at N1,534.9/$1 on the official market.

This marks the strongest level the naira has reached in 7 days.

The official NAFEX rate, which serves as the average rate and benchmark rate used by the CBN, was quoted at N1,567.65 on March 1st, 2024.

The intra-day high reached N1,600/$1, while the intra-day low was N1,425/$1.

The official exchange rate has remained below N1,600 since February 28th, indicating a gradual return to stability in the official market.

Why the Naira is gaining

Checks from Nairametrics reveal that the exchange rate last traded above N1,600/$1 on February 28th, when it sold for N1,609.51/$1.

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Since then, it has sold for N1,595.11 and N1,548.25 on February 29th and March 1st, respectively, establishing a trend that should reassure policymakers.

The official exchange rate fell to N1,615.94/$1 as the central bank intensified its efforts to combat inflation.

Naira gains for third straight day on official market, closes N1,534.9/$1