Naira reverses direction to gain massive N135/dollar from historic low, set record in 2023

On Friday, December 29, 2023, the Naira reversed from its history low to set a closing record for the year 2023 at the official foreign exchange market known as Nigerian Autonomous.'

The naira closed at N907 per dollar to gain 13.03% or N135.89 per dollar. This represents a massive gain from the N1,043 per dollar it closed the previous day.

According to data presented by FMDQ Securities, the currency’s intra-day high hit N1,224 per dollar, while the intra-day low was N700 per dollar.

On the unofficial market, the naira appreciated by N10 per dollar to close at N1,215 per dollar from the previous close of N1,225 per dollar.

This signifies a 0.82% gain in the black market as currency traders quoted the buying rate at N1,200 per dollar and the selling price at N1,215, leaving a margin of N15 per dollar.

The difference between the official and the black market leaves the market exchange rate gap widened by N307.89 according to The Cable report.

Legit.ng reported that Ben Akabueze, the director-general of the federation's budget office, has said that the Naira will strengthen in value in the foreign exchange market in 2024.

Speaking in an interview with Channels TV on Tuesday, December 26, 2023, the Budget Office DG said this will be possible as the country expects an increase in dollar supply.

He noted that the Tinubu-led government expects the reforms initiated in 2023 to start yielding results in 2024, which is why it maintains a positive stance on the exchange rate.