Market News

Naira gains as FX market resumes trading Tuesday - BUSINESSDAY

OCTOBER 03, 2023

BY  Hope Moses-Ashike

Naira on Tuesday gained 0.79 percent (N8) over the dollar as the foreign exchange (FX) resumed after the independence holiday.

The market opened with the dollar trading at N1,000 on Tuesday as against N1,008 on Friday at the parallel market.

At the Investors’ and Exporters’ (I&E) forex window, naira appreciated by 2.59 percent as the dollar was quoted at N755.27 on Friday compared to N775.31 quoted on Thursday last week, data from the FMDQ showed.

The naira appreciation was attributed to a moderation in demand for the greenback as the market awaits the next policy action of Olayemi Cardoso, the new Central Bank of Nigeria (CBN) governor.

Cardoso, who was recently confirmed as the CBN governor alongside the four deputy governors by the Senate, proposed to reset the apex bank.

He said his immediate priority would be to work out ways to aggressively offset huge FX obligations as part of measures to attack the current naira downturn, which has become a huge burden for the economy.



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