The naira has significantly appreciated, according to the Nigerian presidency, and is currently worth N1,558 versus the US dollar. This recovery occurs in the midst of persistent difficulties stemming from the naira’s earlier depreciation. President Bola Tinubu’s advisor Bayo Onanuga said on Thursday, September 12, that the record oversubscription of domestic dollar bonds was the reason for the naira’s strength. This information was revealed by Sahara Reporters.CONTINUE FULL READING>>>>>
Onanuga noted that the naira’s recent gains followed the federal government’s introduction of its first domestic dollar bond issue, which attracted substantial investor interest. Bloomberg reported that the naira surged by 4.8% against the dollar on Wednesday, marking its most considerable increase since July 22. The current exchange rate is the most favorable for the naira since August 21.
Analysts suggest that the Central Bank of Nigeria’s (CBN) policies, including the sale of dollars to Bureau de Change operators and measures to clear foreign exchange backlogs, have contributed to this positive development.CONTINUE FULL READING>>>>>
