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CBN’s FX Revolution: Naira Strengthens, OPS Demands Economic Stability
CBN’s FX Revolution: Naira Strengthens, OPS Demands Economic StabilityThe naira strengthened by N137.69 against the US dollar in one week, driven by the Central Bank of Nigeria’s (CBN) introduction of a new foreign exchange platform.According to data from the CBN’s website, the naira’s exchange rate, which stood at N1,672.69 per dollar on Friday, November 29, 2024, improved to N1,535/$ by Friday, December 6, 2024, reflecting an 8.24% appreciation.....KINDLY READ THE FULL STORY HERE▶
Members of the Organised Private Sector (OPS) have urged the CBN to maintain this momentum, emphasizing the economic benefits of a stable and strengthened naira.
The improvement is attributed to the implementation of the new FX platform, which has enhanced liquidity, transparency, and stability in the forex market. By bridging the gap between official and parallel market rates, the platform has played a key role in bolstering the naira’s value.
Throughout the week, the exchange rate showed consistent growth, with slight daily fluctuations. On Monday, December 2, 2024, the naira appreciated by 0.76% to N1,660/$, with rates ranging between N1,650/$ and N1,678/$.
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