Hope-Feyisayo Temitope
The Nigerian naira has shown signs of strength against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend. This marks a notable 9.8% increase compared to the N1,400/$1 rate at the close of trading on Friday.
Currency traders at the popular Wuse Zone 4 market attribute the fluctuations in the exchange rate to trading uncertainty. They emphasize the need for government intervention to either increase or devalue the currency for market stability.
However, despite the parallel market’s appreciation, the official market witnessed a 2.24% depreciation, with the naira quoted at N1,309/$ on Thursday, marking a full week of decline.
Expressing concern over the naira’s depreciation, the Senate’s Committee on Finance calls for concerted efforts from all stakeholders to rescue and sustain the currency’s stability.
In a statement issued by Senator Sani Musa (APC Niger East), the committee emphasizes the urgent need for collaborative action to address the instability and continuous depreciation of the naira.