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Home Economy/Technology

NairaNaira bouncing back after humiliation

Naira

The Matters Press by The Matters Press
March 27, 2024
Reading Time: 1 min read
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“Naira-4-Dollar” getting results

The Nigeria’s currency Naira, is regaining strength and bouncing back.

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The steady recovery saw naira, gains 6th further by 1.8% against dollar on March 36, 2024

The Naira experienced a further appreciation at the official market, trading at N1,382.95 to a dollar.

Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N25.09 or 1.78 per cent, compared to the previous day’s rate of N1,408 against the dollar.

However, the total turnover increased to $245.58 million on Tuesday, up from $222.15 million recorded on Monday.

Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

The Central Bank of Nigeria(CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR), by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

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