The Nigerian naira faced significant drop in the currency market in 2024, but just as change in imminent, the change has indeed come.
While the U.S. Dollar currently faces a drop in rates and market value in recent times, the Nigerian Naira appreciated mildly, settling at N1,548 per dollar. According to FMDQ data, this mild appreciation happened just over the course of two days.
Although the Nigerian Naira rates reetains its black market rate of N1,650 per dollar, it rose slightly to N1,660 per dollar in the early hours of Friday morning. In a recent update by the current Central Bank of Nigeria governor, Olayemi Cardoso, the recent appreciation of the Naira is as a result of recent reforms in the Forex sector. In his words, the nation Nigeria is on the path to experiencing great things in the nearby future.
