BREAKING: What Naira Did To Dollar As Tinubu Presented 2024 Budget

BREAKING: What Naira Did To Dollar As Tinubu Presented 2024 Budget

For the first time this week, the Nigerian naira exhibited a significant recovery against the United States dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official exchange rate window of the country.

The naira rebounded to N831.47/$1 after experiencing a two-day decline in the official market.

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FMDQ Securities Exchange, a platform overseeing foreign exchange trading in Nigeria, reported this improvement from the previous rate of N881.88 recorded on Tuesday.

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On the opening, the naira stood at N805.83/$1 and closed at N831.47/$1, indicating a positive shift.

However, in the parallel market, as reported by Aboki FX, the exchange rate remained stable at N1,160/$1. Earlier in the week, on both Monday and Tuesday, the US dollar traded at N1,160 in the parallel market.

This recovery coincides with President Bola Tinubu’s presentation of the 2024 appropriation bill to the National Assembly, which he referred to as the ‘Budget of Renewed Hope.’

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