Naira appreciates by N41.61 against dollar, hits Tinubu govt’s fair exchange rate target

The value of the Naira appreciated against the US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the black market, and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, November 20, 2023.

In the official market, data from FMDQ securities showed that the Naira strengthened against the Dollar to close at N750.14 at the close of business on Monday.

This represents N41.61 gain or a 5.55% increase for Naira compared to the N791.75 it closed on Friday , November 17.

The closing rate for the Naira on Monday signals a positive development for Tinubu's government plan to achieve a fair exchange rate value.

Legit.ng had reported that Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, said the government sees the fair price for the Dollar at N650 to N750.

Naira to dollar black market

Similarly, there were Marginal gains for the Naira against the United States Dollar in the parallel foreign exchange market, also known as the black market.

ThisDay reports that the Naira on Monday appreciated against the Dollar on the parallel market to 1,130/$, from N1,135/$ it closed last Friday.

In the Peer to Peer Market primarily used by fintech, the value of the Naira also improved to N1,133.8/$ on Monday, compared to N1,138.9/$ exchanged the previous day.