NewStats: 3,262,808 , 8,178,215 topics. Date: Tuesday, 03 June 2025 at 04:21 PM 662v

The Naira ended last week on a positive note as it continued its appreciation against the US Dollar at the foreign exchange market.

FMDQ data showed that the Naira appreciated to N1,602.75 on Friday from N1608.98 recorded on Thursday.

This represents a N6.23 gain compared to the N1,608.98 recorded the previous day.

The development comes despite the USD transactions plunged by 44.7 per cent to $137.43 million from $248.75 million on Thursday.

At the parallel market, the Naira traded between N1,610 and 1,620 per USD.

DAILY POST reports that all through last week, the Naira had settled at an average of N1,608 per USD.

On Thursday, the Central Bank of Nigeria in a circular warned that commercial banks should desist from profiting through Naira revaluation.

Recall that between June last year and March 15 2024, CBN had floated the Naira twice which saw the Country’s currency trading at N1,602.75 per USD from N460 in May 2023.

https://dailypost.ng/2024/03/16/naira-continues-appreciation-against-usd-at-forex-market/

I pray it comes down to some decent numbers like 1k or 900.

Usually the best time to buy dollar yearly is between February and first week of April. It is attributed to the Chinese new year holiday where factories stop working in China. I am surprised we witnessed a rise instead this year. What will then happen between September and December when dollar demand is highest?

krince:
I pray it comes down to some decent numbers like 1k or 900.

Usually the best time to buy dollar yearly is between February and first week of April. It is attributed to the Chinese new year holiday where factories stop working in China. I am surprised we witnessed a rise instead this year. What will then happen between September and December when dollar demand is highest?

it wont. it is pegged at 1300

COMRADES, for nairaland ba? Go and check only the price of bread for market and tell me

Naira is floating

Until it gets down to #216=$1


Anything more than that is unacceptable, tinupoo and Apc are all failures

We hope this continues this way. Nigeria will become better.

So from 1608 to 1602 na appreciation?




Naira gained N6 before three days dollar go drink viagra high like witch



Na only Nairaland naira dey make gain but prices of food and products still remain the same

This message goes to Tinubu from an erudite economic scholar like me. "Abandon the naira and use CFA, thank me later"...

Who else feels this is just a case of "the more you look, the less you see"

Not being a pessimist, but why isn't pound dropping like dollar? I just feel like government is just attacking dollar alone, and it won't last. I pray I'm wrong though

#MyOpinion

... Tinubu and APC said $1 = #200 is not acceptable.
Now APC minions are celebrating #1600.

Bunch of 🤡

Nice development but not impressed.

Anything not less than 200 and something that the fóolish idîotic useless APC government came and met is a big joke.

The iragbiji drunkard and that skeletal daura dullllard are all useless and fóolish

Just jejely take it back to where Buhari left it.

N216 = $1 good enough for you?

Hmmm

No be only appreciate na appropriate

No be statistics we go chop

1,600 is appreciation? Where was it last year July?

When Naira appreciates, will price of goods come down?

Tinubu met it at 400!
Another news abeg

Clap hand for Jesus.

But this isn't a great news, take the USD to what we have in the first place.

Immortalcrown and I are not impressed.

Apc biko take us back to the PDP years of 199 to a dollar

Weekends, USD closes after losing to the Naira.

Weekdays, it regains all it lost.


This is what you 1 step forward, 1 step backwards means.

Congratulations to Tinubu

Gradually
We are getting there

People expecting naira to fall below 1k per dollar don't understand what's going on.
Naira is officially 1500 per dollar.
It can't fall below that.

Tinubu's policies are finishing us, yet some persons are clapping for him with no hope of respite in sight

APC please get our dear Naira back to N199 per dollar where you guys met it. We are not asking for too much

Note N216 used during the campaign was black market rate. They used that to make it look high.

We want real appreciation not this cut and trash I mean less than 1K.

BATnomics

naira don drink man power

krince:
I pray it comes down to some decent numbers like 1k or 900.

Usually the best time to buy dollar yearly is between February and first week of April. It is attributed to the Chinese new year holiday where factories stop working in China. I am surprised we witnessed a rise instead this year. What will then happen between September and December when dollar demand is highest?

Tinubu's policies are finishing us, yet some persons are clapping for him, with no hope of respite in sight

What kind of appreciation is this?