Naira appreciates to N1,497/$ at official market — first time since March

The naira appreciated to N1,497.46 per dollar at the official foreign exchange (FX) market on Monday.

The currency appreciated by 0.21 percent from N1,501.49/$ recorded on September 12.

The current rate represents the strongest performance since March 4, when the price of a dollar was N1,491.67/$.

According to the Nigeria Foreign Exchange Market (NFEM), a platform that oversees the official FX trading in Nigeria, the local currency has appreciated steadily since the beginning of the month.

Between September 1 and September 4, the local currency strengthened to N1,526.09/$, N1526.05/$, N1521.45/$, Nd 1514.86/$, respectively.

Maintaining the appreciation trend, the value of the naira rose to N1506.84/$, N1506.08/$, and N1500.91/$, from September 8 to September 10 — before declining to N1502.13/$ on September 11.

At the parallel section of the FX market, the local currency appreciated to N1,535 per dollar on Monday — a 0.32 percent rise from the N1,540/$ traded on September 12.

The local currency has maintained relative stability against the greenback at the parallel segment of the market since the month began.

On September 1, the naira appreciated to N1,545 per dollar, holding steady between September 2 and September 3 at N1,400/$, before deprecating to N1,545/$.

However, the naira appreciated to N1,525/$ on September 8 and remained unchanged on September 9.

On September 10, the naira depreciated to N1,535 against the greenback, and declined further to N1,540/$ on September 11.

According to Wale Edun, minister of finance and coordinating minister of the economy, the floating of the naira by the administration of President Bola Tinubu was yielding positive results.(The Cable)