The Nigerian currency, the naira, experienced a significant uptick against the US dollar across both the parallel and official segments of the foreign exchange (FX) market on Monday.
In the parallel market, commonly known as the black market, the naira strengthened to N1,600 per dollar, marking a 1.23 percent gain from the N1,620/$ rate reported on March 8.
Bureau De Change operators (BDCs) in Lagos quoted the buying rate of the US dollar at N1,570 and the selling rate at N1,600, offering a profit margin of N30 for currency traders.
In the official FX market, the naira appreciated by 0.58 percent to N1,617.96, up from N1,627.40 on March 8, as reported by trading data from the FMDQ Exchange.
During a recent visit to France, the Federal Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed engagements with leading aircraft leasing companies to make Airbus aircraft available to Nigerian local airline operators at affordable rates.
Goldman Sachs forecasted the naira to appreciate to N1,200 against the dollar over the next twelve months, contingent upon positive real interest rates and capital inflows attracted by Nigeria’s monetary policy adjustments.
These developments signal positive momentum for the Nigerian currency, bolstered by strategic initiatives and economic forecasts aimed at stabilizing and strengthening the FX market.
