The exchange rate between the naira and the US dollar appreciated to N1,546.41 at the official Investor and Exporter (I&E) window on Friday, September 13, 2024, amid reports that the Dangote refinery is set to begin petrol distribution on Sunday.
The gain marks a 6.3% increase from the previous day’s rate of N1,649.76, as the Nigerian stock market also maintained upward momentum, driven by growing positive sentiment.
Despite ongoing volatility in the USD/NGN currency pair, the naira’s recent performance indicates renewed strength, as it returned to the 1,500 range.
The naira closed at N1,546.41 on Friday, September 13, 2024, a 6.3% gain from Thursday’s close of N1,649.76.
While short-term volatility persists, market sentiment is increasingly favoring the naira.
In the parallel market, the naira appreciated to N1,614.20 on September 13, 2024, supported by positive sentiment. This reflects a 0.9% gain compared to the previous day’s close of N1,630.00.
The naira has been making efforts to recover from earlier declines, particularly from levels where it had previously weakened beyond N1,630.00 in July.
This recovery suggests that despite ongoing challenges, the currency is gradually regaining strength, as market participants respond positively to recent economic policies and announcements.
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