At the start of Monday’s foreign exchange market trading, the Naira has appreciated to N1000 per US dollar.
Providing insight, Mistila Dayyabu, a Bureau De Change operator, shared this information with NewsNow.
Dayyabu mentioned that there are expectations for the Naira to further strengthen below the N1000 threshold against the dollar throughout the week.
“On Monday, the Naira’s exchange rate ranges between N1000 and 1050 per dollar. It is anticipated that as the week progresses, the Naira will continue to improve, possibly dropping below N1000 per dollar,” Dayyabu informed NewsNow.
This development follows the recent recognition by Goldman Sachs, which identified the Naira as the best-performing currency in April.
After the Eid-el-Fitr celebrations, the Naira observed a N60 gain against the dollar on Friday.
Over the past few months, the Naira has consistently been on an upward trajectory against the dollar, moving from N1,900 in February to the current rate of N1000 at the parallel market.
Despite this positive trend, concerns have been raised by Nigerians regarding the lack of a corresponding impact on the prices of goods and services.
In its latest report on inflation, the National Bureau of Statistics revealed that food inflation surged to 40.01% in March 2024.