Emmanuel OchayiIn a turn of events on Thursday, January 18, 2024, the Nigerian Naira witnessed a surge against the US Dollar, reaching an intraday high of N1261/$1 at the official market.
Data from the Nigeria Autonomous Foreign Exchange Market (NAFEM) revealed a 3.13% appreciation, closing the day at N902.08 to a dollar, marking a significant gain compared to the N931.23 close the previous Friday.
Join our WhatsApp ChannelThe intraday fluctuation was notable, with the Naira experiencing a wide spread of N501/$1, ranging from the high of N1261/$1 to the low of N760/$1.
Forex turnover at the official market concluded at $176.53 million, reflecting a substantial 155% increase compared to the preceding day.
Despite this positive trend, the parallel forex market showed a marginal drop for the Naira, quoting an exchange rate of N1,325/$1, signifying a 0.38% gain from the previous day. Peer-to-peer traders were quoting around N1,358.53/$1.
READ ALSO: Naira May Depreciate To N1500/$1 In 2024 – Expert
Financial experts weigh in on the situation, with Mr. Olatunde Amolegbe emphasizing the crucial role of market and participant confidence in stabilizing the exchange rate.
Meanwhile, Bismarck Rewane anticipates continued volatility for the Naira due to lingering forex supply concerns and speculations.
The forex landscape remains dynamic, with optimism tempered by challenges, leaving market participants and investors closely watching for signs of sustained stability.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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