- Nigerian currency started the new week strong against the United States dollar across all foreign exchange market
- The most robust performance was at the official market, as the Naira recorded N41.61 improvement, while at the unofficial market, the gain was marginal
- Tinubu's government has set a fair exchange rate target for the Naira by the end of December 2023
Legit.ng journalist Dave Ibemere has over a decade of experience covering business and the economy
The value of the Naira appreciated against the US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the black market, and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, November 20, 2023.
In the official market, data from FMDQ securities showed that the Naira strengthened against the Dollar to close at N750.14 at the close of business on Monday.
This represents N41.61 gain or a 5.55% increase for Naira compared to the N791.75 it closed on Friday , November 17.
The closing rate for the Naira on Monday signals a positive development for Tinubu's government plan to achieve a fair exchange rate value.
Legit.ng had reported that Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, said the government sees the fair price for the Dollar at N650 to N750.
Naira to dollar black market
Similarly, there were Marginal gains for the Naira against the United States Dollar in the parallel foreign exchange market, also known as the black market.
ThisDay reports that the Naira on Monday appreciated against the Dollar on the parallel market to 1,130/$, from N1,135/$ it closed last Friday.
In the Peer to Peer Market primarily used by fintech, the value of the Naira also improved to N1,133.8/$ on Monday, compared to N1,138.9/$ exchanged the previous day.
Nigeria Customs sets new exchange rate to clear imported goods
The new rates were intended to reflect the depreciation of the Naira against the Dollar across the foreign exchange markets.
With the new rate, the cost of imported goods will increase nationwide.
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