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The Nigerian Naira saw a dramatic turnaround against the US dollar, with the exchange rate closing at N1309/$1 on the last trading day of the month.
This marked a significant 21.8% gain from the rate of N1595.11/$1 at the end of February, and was largely attributed to the Central Bank of Nigeria’s (CBN) policies and interventions aimed at strengthening the national currency. This is the best performance of the Naira in the last 5 years, and could be a promising sign for Nigeria’s economic.
Similarly, in the parallel market, the Naira saw an even more pronounced recovery. The exchange rate improved from N1600/$1 in February to N1250/$1 in March, representing a 28% gain in one month highlighting the effectiveness of the measures taken to bridge the gap between the official and unofficial currency markets.
The gains in the official and parallel market are the largest seen so far in years. Before now, the exchange rate was fixed at about N450/$1 for almost two years and around N380/$1 between 2020 and early 2021.
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