Business
Wednesday Sees Naira Closing at N1,300.43 per USD
Continuing its upward trend against the US dollar, the naira was traded at N1,300.43 per dollar in the official foreign exchange market on Wednesday.
According to FMDQ data, the naira’s value appreciated to N1,300.43 per USD on Wednesday compared to the previous day’s exchange rate of N1,382.95.
This marks an increase of N82.52 against the USD in the official forex market.
Similarly, at the parallel market, a Bureau De Change Operator at Wuse Zone 4 Abuja, Mistila Dayyabu, reported selling the naira at N1,300 per USD.
Confirming this, Aminu Gwadabe, the President of the Association of Bureau De Change Operators in Nigeria (ABCON), stated that the dollar is being sold for between N1,300 and 1,320.
Gwadabe also predicted that the naira could further appreciate to N1,000 per USD by December 2024.
Recalling CBN’s recent significant FX intervention where $10,000 was sold to each BDC at N1,251 per US dollar on Monday.
Goldman Sachs analysts had forecasted back in March 2024 that the naira may strengthen to N1200 per US dollar within a year.
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