Naira appreciates to N1,506/$ at official market — strongest in seven months

The naira appreciated to N1,506.08 per dollar at theofficial side of the foreign exchange (FX) market on Tuesday. The current rate represents the strongest performance sinceMarch 5, when the price of a dollar was N1,500.8. At the Nigeria Foreign Exchange Market (NFEM), a platformthat oversees official FX trading in Nigeria, the local currency appreciatedmarginally by 0.05 percent to N1,506.08/$ on Tuesday — from N1,506.84/$ tradedon Monday. The naira, on September 3, had appreciated to N1,521.45 perdollar at the official section of the FX market. At the parallel section of the market, the value of thenaira remained unchanged from Monday at N1,525/$. On Monday, Wale Edun, minister of finance and coordinatingminister of the economy, said the floating of the naira by the President BolaTinubu administration was yielding positive results. “And with the removal of fuel subsidies and theliberalisation of the exchange rate, these difficult decisions have also beentaken because they were necessary and they’re yielding positive results,” hesaid. “In addition, the government’s priorities include debttransparency, growth-enhancing borrowing, domestic revenue mobilisation, asI’ve emphasised, and coordinated debt treatment. And what are the results?” The minister added that the Nigerian economy is turning thecorner.

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