Naira Appreciates To N1,382/$ After $7bn FX Settlement

Naira Appreciates To N1,382/$ After $7bn FX Settlement


As controversy trails foreign airlines’ funds The local currency continued on a recovery note yesterday with naira appreciating significantly against the dollar on the strength…

The local currency continued on a recovery note yesterday with naira appreciating significantly against the dollar on the strength of recent interventions by the Central Bank of Nigeria (CBN), Daily Trust can report.

From N1,536.83 in the previous day, the naira appreciated to N1,382.35/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the first time in a long while that the local currency would record such a massive gain.

This was coming 24 hours after the Central Bank of Nigeria (CBN) announced it had cleared $7bn valid foreign exchange claims while increasing the country’s forex reserves.

CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali, announced this in a statement on Wednesday.

The statement partly reads, “The Central Bank of Nigeria has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr Olayemi Cardoso, to process an inherited backlog of $7bn in claims.

“Clearance of the foreign exchange transactions backlog is part of the overall strategy detailed in last month’s Monetary Policy Committee meeting to stabilise the exchange rate and thereby curb imported inflation, spurring confidence in the banking system and the economy.

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