Naira Appreciates 2.63%, Close At N1,453.28/Dollar

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Naira on Thursday at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window appreciated by 2.63 percent to close at N1,453.28 against the dollar.

The local currency at the official rate traded at N1,598.00 and N1,300.00 high and low, respectively, according to the FMDQ Exchange.

The Naira has maintained positive momentum since the Central Bank of Nigeria (CBN) cleared all foreign exchange backlogs.

The apex bank on Wednesday announced the complete clearance of the $7 billion foreign exchange backlog.

This significant achievement was shared by Mrs. Hakama Sidi Ali, the Bank’s Acting Director of Corporate Communications, highlighting a fulfilled promise by CBN Governor, Mr. Olayemi Cardoso, to tackle an inherited $7 billion in claims.

She revealed the CBN’s finalisation of payments amounting to $1.5 billion, thereby addressing the last portion of the FX backlog.

This step not only reflects the bank’s dedication to stabilising the national economy but also underscores the thorough verification process employed.

Deloitte Consulting’s independent auditors were tasked with examining these transactions closely, ensuring the settlement of only legitimate claims and referring any questionable transactions to the relevant authorities.

A statement from the CBN read, “She noted that the CBN recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog.

“She also disclosed that independent auditors from Deloitte Consulting meticulously assessed these transactions, ensuring that only legitimate claims were honoured. Any invalid transactions were promptly referred to the relevant authorities for further scrutiny.”

Complementing this economic progress, the CBN reported a remarkable boost in Nigeria’s external reserves, which increased by $993 million to $34.11 billion as of March 7, 2024, reaching an eight-month high.

This rise was fueled by increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities.

With these developments, Nigeria is on a promising path toward renewed economic stability and confidence, signaling a bright future for the nation’s financial health.

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