Abuja, Oct. 9, 2024 – The Nigerian currency, the Naira, appreciated at the official segment of the foreign exchange market on Tuesday, closing at N1,561.76 to the dollar.
The exchange rate was N1,635.15 to the dollar at the segment on Monday.
This indicated a 4.49% appreciation in just one day.
There are indications that the naira will begin to appreciate steadily in future as the NNPC and Dangote Refinery conclude their agreement on naira sale of crude oil to Dangote Refinery.
With the conclusion of this agreement, the demand for foreign exchange will be greatly reduced since Dangote Refinery constituted about 40% of the demand for foreign exchange in the country. (GBN)
