For the third day in a row, the naira and dollar increased in value, ending the day on the official market at N1,534.9/$1. The naira has not been this strong in the last seven days.
According to Nairametrics, On March 1st, 2024, the official NAFEX rate which the CBN uses as a benchmark and average rate was stated as N1,567.65.
N1,600/$1 was the intraday high and N1,425/$1 was the intraday low.
The official exchange rate has been below N1,600, suggesting a slow but steady return to market stability since February 28th.
The exchange rate recently moved over N1,600/$1 on February 28th, when it sold for N1,609.51/$1.
Since then, it has established a trend that should comfort policymakers, selling for N1,595.11 on February 29 and N1,548.25 on March 1.
As the central bank stepped up its efforts to fight inflation, the official exchange rate dropped to N1,615.94/$1.
The average daily forex turnover over the previous three trading days has increased to $250 million from $160 million the week before.
