Official Exchange Rate Closes at N1609.51/$1 Against Dollar

February 29th, 2024

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The naira has depreciated against the dollar at the official exchange rate market.

The naira has exchanged N1609 against the dollar at the exhange rate market on Thursday, February 29th 2024.

This is according to a report by Nairametrics.

It appreciated slightly by 0.4% from N1615 it had recorded the previous day, according to data published on the FMDQ where forex is officially sold. 

Simultaneously, the dollar also experienced a 1.24% gain at the parallel market.  

Market analysts attribute the movement to potential reactions following a recent media briefing by the CBN Governor, Olayemi Cardoso, regarding the CBN’s efforts aimed at stabilizing the Naira and curbing inflation. 

During the briefing, it was disclosed that the Monetary Policy Committee had increased the monetary policy rate to 22.75% from 18.75%. This adjustment was made with the intention of decelerating the pace of inflation. 

Furthermore, Cardoso emphasized that the MPC extensively discussed various distortions within the foreign exchange market, including the activities of speculators, which were exerting upward pressure on the exchange rate and contributing to inflationary pressures. 

Cardoso expressed confidence that the ongoing reforms within the foreign exchange market would produce the desired outcomes in the short to medium term.  

“These reforms encompass initiatives such as the unification of the foreign exchange market, the promotion of a willing buyer-willing seller market, the elimination of limits on margins for International Money Transfer Operator (IMTO) remittances, the implementation of a two-way quote system, and comprehensive reforms within the Bureau De Change (BDC) segment aimed at restoring stability, enhancing transparency, boosting supply, and fostering price discovery within the Nigeria Autonomous Foreign Exchange Market (NAFEM),” he said. 


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