According to data from FMDQ on the dollar exchange rate spanning from March 8 to April 5, 2024, the Naira has experienced a positive shift, appreciating by N351.12 against the US Dollar within the past month. This indicates an increase from N1,602.17 on March 8 to N1,251.05 per Dollar on Friday. This appreciation amounts to a 21.9 percent increase during the mentioned timeframe, signaling a continued strengthening of the Naira since the previous month.
Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprise, attributed this sustained appreciation of the Naira in the foreign exchange market to recent forex reforms implemented by the Central Bank of Nigeria.
