BREAKING: Naira Vs Dollar Exchange Rate Gains for Third Straight Day on Official Market

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The exchange rate between the naira and the dollar strengthened for the third consecutive day, closing at N1,534.9/$1 on the official market. This marks the strongest level the naira has reached in 7 days. The official NAFEX rate, which serves as the average rate and benchmark rate used by

The intra-day high reached N1,600/$1, while the intra-day low was N1,425/$1.

The official exchange rate has remained below N1,600 since February 28th, indicating a gradual return to stability in the official market.

 

Why the Naira is gaining.

Checks from Nairametrics reveal that the exchange rate last traded above N1,600/$1 on February 28th, when it sold for N1,609.51/$1.

Since then, it has sold for N1,595.11 and N1,548.25 on February 29th and March 1st, respectively, establishing a trend that should reassure policymakers.

The official exchange rate fell to N1,615.94/$1 as the central bank intensified its efforts to combat inflation.

Forex turnover in the last three days of trading has improved, averaging $250 million per day, up from $160 million per day a week earlier.

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