Naira Rises Against Dollar

On the currency market, the Naira rises against Dollar, even with the large demonstrations in the nationwide protest against incompetent government.

What transpired was a result of the Naira’s recent sharp appreciation on the official and black market FX markets.

From Wednesday’s value of N1608.73 to Thursday’s value of N1570.00, the value of the Naira rose sharply vs the dollar. The FMDQ is the source of this data.

Compared to Thursday’s exchange rate of N1608.73, this amount indicates a gain of N38.73 per dollar.

Similarly, on Thursday, the black market exchange rate for one dollar was N1600, up from N1610 the day before.

This proved, without a doubt, that the Naira had gained ground against the dollar on the foreign exchange market for the last two consecutive days.

The Naira’s value relative to the dollar has climbed by N51.12 in the previous two days.

Even though many companies and banks were forced to lock their doors due to Thursday’s hunger protest, this has still happened in the major states of Nigeria.

Frequently Asked Questions On Naira Rises Against Dollar Amidst Nationwide Protest

1. Why did the Naira appreciate against the Dollar?

A: The recent appreciation of the Naira can be attributed to a combination of factors, including increased foreign exchange inflows, decreased demand for dollars, and potential market speculation.

2. How significant is the Naira’s appreciation?

A: The Naira recorded a notable increase in value against the Dollar within a short period, which has implications for various sectors of the economy.

3. What is the impact of the Naira’s appreciation on businesses?

A: A stronger Naira can benefit businesses by reducing import costs, but it may also affect export-oriented companies.

4. How does Naira appreciation affect inflation?

A: A stronger Naira can help to reduce inflation by making imported goods cheaper.

5. What are the potential challenges of a rapidly appreciating Naira?

A: Rapid appreciation can harm export-oriented industries and lead to job losses.

6. Will the Naira continue to appreciate?

A: The sustainability of the Naira’s appreciation depends on various economic factors and government policies.

7. How does Naira appreciation affect consumers?

A: Consumers may benefit from lower prices on imported goods but might also face adjustments in the economy.

8. What should individuals consider in light of the Naira’s appreciation?

A: Individuals should monitor economic trends and adjust their financial plans accordingly, considering factors like investments and savings.