The Nigerian Naira has appreciated to N1000 per US dollar as trading commenced on Monday in the foreign exchange market. This positive development was confirmed by Bureau De Change operator, Mistila Dayyabu.
Dayyabu further shared optimistic projections, stating that the Naira is poised to appreciate even further below the N1000 per dollar mark throughout the week. This comes hot on the heels of recent accolades, with the Naira being recognized as the best-performing currency in April by Goldman Sachs.
“The Naira is selling between N1000 and 1050 per dollar on Monday. As the week goes on, the Naira will appreciate further to below N1000 per dollar” he stated.
The Naira’s upward trajectory has been consistent, with a significant gain of N60 against the dollar recorded on Friday following the Eid-el-Fitr holidays. Over the past few months, the Naira has demonstrated remarkable strength, moving from N1,900 in February to the current rate of N1000 at the parallel market.
However, despite the Naira’s impressive performance, concerns have been raised by Nigerians regarding the translation of this appreciation into tangible benefits for the economy. The latest inflation report from the National Bureau of Statistics revealed that food inflation surged to 40.01 per cent in March 2024, underscoring the disconnect between the Naira’s strength and its impact on the prices of goods and services.
