Nigeria's Exchange Rate Has Appreciated To ₦815.32$1 At The Official Market

After Nigeria’s Exchange Rate Near ₦1000 to $1 Last Week, The Nigeria Exchange Rate As Of Today Appreciated To ₦815.32/$1 At The Official Market

This seems to be good news if only the Naira will continue to appreciate and bounce bank, it will directly strengthen Nigeria’s weakening economy

It will interest you to know that, the exchange rate of the Nigerian currency, the Naira, has shown appreciation today 31/10/2023 at the official market

Some traders have stated that factors such as market trends, economic indicators, and monetary policy can influence this change.

Or possibly, it could mean a stronger buying power for Nigeria in global markets as this appreciation could potentially boost sectors such as import businesses and foreign investments as well trade market

However, it’s essential to track these changes over time to gauge their long-term impact on the economy.

Here Is How The Nigeria Exchange Rate Has Appreciated To ₦815.32/$1 At The Official Market Progress

The Nigerian naira appreciated against the dollar on Tuesday 31 October 2023, then closed at ₦815.32/$1 at the official market the same day

This represents a 21.81% increase from the ₦993.82/$1 recorded on the previous day being 30th October 2023.

The intraday high recorded as of the 30th of October was at ₦998.00/$1, while the intraday low was at ₦6475.00/$1, representing a wide spread of ₦523/$1.

According to data obtained from the official NAFEM window, forex turnover as of the late hour 30th of October was at $881.31 million, representing a 66.01% decrease compared to the previous day.

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On the black market where forex is sold unofficially, the exchange rate depreciated by 2.54%, quoted at ₦1180/$1, while peer-to-peer traders quoted around ₦1165.23/$1.

Here Are More insights:

Renewed Hope as the federal government led by President Bola Tinubu has said that it is planning to introduce new rules to the forex market aimed at boosting the value of the naira and stifling the activities of illegal currency trading out from the system.

The new rule will include expanding the official market to accept all legitimate transactions and ensuring the “illicit trade” known as the black market does not get supply and possibly end operation in Nigeria

As explained by “The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms”, in the person of Mr. Taiwo Oyedele said, in the quote below

“We think all of that will happen before this year December 2023, yes we are working on it day and night, and maybe in a matter of a couple of weeks from now we will begin to see the results

Such that before the end of the calendar year 2023, naira should find its true value, not the one that is being done currently in the parallel market.” I assure Nigerians that NAIRA Will bounce back soon

He also explained in an interview that the federal government’s plans include clearing the backlog of foreign exchange demand estimated at almost $7 billion, establishing transparent guidelines in the FX market, and increasing liquidity in the naira forward market.

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