Naira appreciates N351 against Dollar at forex in one month

The Naira appreciated N351.12 against the US Dollar in the foreign exchange market in the last one month.

This is according to FMDQ data on the dollar exchange rate from March 8 to April 5 2024.

Accordingly, the country’s currency gained N351.12 by appreciating to N1251.05 per Dollar on Friday from N 1,602.17 on March 8, 2024.

The figure represents a 21.9 per cent appreciation in the reference period.

The development showed that the Naira has continued its appreciation since last month.

The Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, had attributed the sustained gain of Naira at the FX market to the Central Bank of Nigeria’s recent forex reforms.

Meanwhile, Nigerians have yet to see a significant impact on the country’s soaring inflation, which increased to 31.7 per cent in February.

Nigeria’s inflation increases to 31.70% in February amid rising food prices