The exchange rate between the naira and the US dollar appreciated to N1,541.52 at the official Investor and Exporter window on Friday.
This marks a 0.16% increase from N1,544.02 recorded on September 19, 2024, as the naira seeks to stabilize within the N1,500 range.
The naira closed at N1,541.52 on September 20, 2024, reflecting a 0.16% appreciation from the previous day’s rate of N1,544.02.
During Friday’s trading session, the naira hit a high of N1,672.00/$1 before dipping to a low of N1,535.00/$1, ultimately closing at N1,541.52.
Market turnover surged to $190.57 million on September 20, representing a 117% increase from the previous day’s $87.51 million. In August, turnover totaled $3.3 billion, down from $4.34 billion in July.
In the parallel market, the naira opened at N1,640.32, experiencing moderate volatility as it fluctuated between N1,650.33 and N1,617.52, before closing at N1,639.45.
Since mid-July, the naira has largely remained within the N1,600 range, struggling to appreciate against the dollar after dropping to the N1,400 zone in May.
The federal government’s MoU with Russian firms to revive the Ajaokuta Steel Plant and the National Iron Ore Mining Company is expected to boost positive economic sentiment.
NNPC has resumed discussions with investors to restart two major LNG projects, Brass and Olokola, valued at $29.8 billion.
Year-to-date, the naira has depreciated by approximately 76%, impacted by rising inflation and increased demand for dollars.
Despite these challenges, Nigeria’s external reserves experienced a slight increase, rising from $36.305 billion on August 30 to $36.730 billion by September 10.
