Nigerian economists are hopeful that if the Naira’s value growth versus the dollar continues, it might result in a sharp decline in the cost of imported products and, consequently, the nation’s headline inflation rate, which was 33.88 percent in October 2024.
Naira ended at N1,538.50 per dollar on Monday, December 9, 2024, after trading at N1,740 on November 9.
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When compared to the N1,740 exchange rate on November 9, 2024, the Naira increased N201.5 and N110 in the official and illegal markets month over month.
This is true even though the Naira started the week on Monday at both FX exchanges with a minor depreciation of N3.5 and N30 vs the dollar.
This came after the Electronic Foreign Exchange Matching System (EFEMS), which was recently introduced by the Central Bank of Nigeria in an effort to remove market distortion and increase transparency.
In the meanwhile, the Naira has previously benefited from CBN’s policy initiatives.
However, the Naira gain has always been short-lived and temporary.
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cc: Daily Post Ng
