The exchange rate between the Naira and the Dollar at the official window rose by 7.7% on Friday to close the week at N1,142/$1.

This marks the highest closing rate between the Naira and the Dollar in over 10 weeks, as Central Bank policies continue to have a positive impact on the local currency.

The exchange rate seems to be nearing the sub-N1,000 target, which many believe is the preferred rate for the Central Bank.

Several reports reaching Nairametrics also suggest that the apex bank is targeting an exchange rate below N1,000/$1, indicating that it believes the local currency remains undervalued in the short to medium term.

Last week, Nairametrics reported that the Central Bank issued a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1.

What the data is saying
Data tracked from FMDQ, where the exchange rate is officially traded, indicates that the official rate closed at N1,142/$1, representing a 7.7% gain against the previous exchange rate of N1,230.61/$1.

The intra-day high and low recorded during the day were N1,265/$1 and N1,100/$1, respectively, marking some of the best figures in the last three months.

The daily turnover recorded during the day was $281.3 million, the highest in about a week, as Central Bank interventions continue to spur market activities.

The benchmark NAFEX rate was referenced at N1,239.88/$1 and is expected to reflect the closing rates in the next few days.

Nairametrics findings also suggest the black market exchange rate was quoted at around N1,150/$1 as Nigerians returned to work from the Sallah break.

Nairametrics expects other rates, such as customs duties, to strengthen in line with the closing rates.

The significant improvement in the official exchange rate at the FMDQ reflects a robust intervention by the Central Bank, resulting in a healthier positioning of the Naira against the Dollar.

https://nairametrics.com/2024/04/12/breaking-naira-on-the-march-to-below-n1000-1-as-official-exchange-rate-close-at-n1142-1/

funny People. Let it come down to 200 naira

jkpbestseries:
funny People. Let it come down to 200 naira

or #0

Sincerely, I hope the CBN can push $ to N500 before June 2024. I have need to buy $10K

I am keeping my fingers crossed, if this cruise can last till next year without any excuse.

Moreso let the price of commodities to come down, that's when common men on the street can appreciate all this big English

Winks

Rufai Oseni and his Igbo blodas will not like this news. Enemies of the state.

NaijaCowFarm:
Sincerely, I hope the CBN can push $ to N500 before June 2024. I have need to buy $10K

This is a temporary solution

helinues:
Winks

Tales by moonlight.

Juliusganduje:
Tales by moonlight.

Tell the truth, are you happy or sad about this news?

helinues:


Tell the truth, are you happy or sad about this news?

So I should believe anything that is written on a pages of newspaper? I haven't seen any reduction in the price of commodities to show that naira is improving.

Sell your USD/ Forex now if you are wise.
A new Sheriff is in town.

I can only take you people seriously when it comes down to #200, or how he met it

USD/Naira was N490 = $1 when Tinubu became president less than one year ago.

We need to get there first, then celebrate any value gain from that point

.

Say Jagaban

socialmediaman:
USD as N490 = $1 when Tinubu became president less than one year ago.

We need to get there first, then celebrate any value gain from that point

Naija people sha.... so USD was #490 last year

Some people ain't happy about this news. They want the exchange rate to go as high as 5000#/$ so they can say they told us to vote for their Almajiri uncle.

It's another weekend to wail and cry. 😁😁

The Naira is steadily gaining momentum, many was doubtful and believed it was a hoax initially, well they can't be faulted given the precedent of our leaders.
However, with this continuous gains which has been sustained for over 6weeks, the CBN handlers need recommendation. One will now wonder why and how do we got into that deplorable state where the Naira was on a free fall in the first place.

Their official mantra "some people are not happy about this news" what is there to be happy for? For Christ sake, baba go slow left dollar at the rate of #700. They should bring it down to that price first before they can start reducing it. Then, "some people will be happy about this news "

Good

Emefiele's policy of defending the naira!
Only thing is that the naira is foolishly being defended at a higher price that does not favour the govt nor the citizens.

How can the illegitimate president damage his presidency by himself?!

Once again the pain go straight to hit the Binance, crypto and forex people..

It will end it tears ask many obidient ipob like you.

NaijaCowFarm:
Sincerely, I hope the CBN can push $ to N500 before June 2024. I have need to buy $10K

Sannisege:
Rufai Oseni and his Igbo blodas will not like this news. Enemies of the state.

Please how much Tinubu met dollar again in May last year? I have forgotten my dear brother. Please remind me.

This una propaganda is not adding up again at all ooo. Every day naira rise but the rate against dollar is still a thousand plus. These people thinks everyone is stupid or what

Wonderful... But it's still way above what it was before the swearing in last year. Let's keep watching

Good work done from CBN

ogododo:




https://nairametrics.com/2024/04/12/breaking-naira-on-the-march-to-below-n1000-1-as-official-exchange-rate-close-at-n1142-1/

Awesome!! God did not allow their prophesy of doom to come to pass.

May God bless Nigeria for ever! Check my signature for free stuffs!

NaijaCowFarm:
Sincerely, I hope the CBN can push $ to N500 before June 2024. I have need to buy $10K

No be only you oooo, i almost cried when it got to 1800

I'm happy our currency is finally gaining strength

I pray the Naira continues gaining value o, I want to relocate to ghana but after converting my budget to ghana cedis I discovered I needed to either raise more money or Naira needed more value, can you believe 10 million naira is just a little above 100 thousand ghana cedis? God abeg make dollar come down to 700 naira so that we go fit leave Nigeria once and for all, I just don't want to raise my children in a country were their future is in great danger, never.