Naira Bounces Back, Records Biggest Gain in Months Against Dollar As Traders Quote New Exchange Rate [Video]

• The value of the Nigerian currency has bounced back against the US dollar in the official foreign exchange markets
• The naira recorded a strong performance following the decision of the CBN to intervene in the forex market
• The CBN will be hoping that the naira recovery continues both at the official and unofficial market

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian currency has appreciated significantly in the official foreign exchange market against the pound, euro, and US dollar.

According to data from FMDQ Securities, the naira closed at N1,500.00/$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, July 22, 2024.

This represents a 6.1%, or N96 appreciation, when compared to the N1,596.92/$1 exchange rate it traded at the close of trading on Friday, July …