• The naira witnessed an improvement in the official market on Friday, November 21, 2024.
• The Nigerian currency closed at N1,652.62 per dollar from N1,658.67 it traded the previous day
• However, the naira depreciated in the parallel market from N1,745 to the dollar to N1,740 on Friday, November 22, 2024

Legit.ng’s Pascal Oparada has reported on technology, energy, stocks, investments and economy for over a decade.

The Nigerian currency nairaestimated for the second day, Friday, November 22, 2024, after several days of depreciation in the official window.

The naira closed at N1,652.62, up from N1,658.67 it traded on November 22, 2024, representing a 0.36% increase in the official window.

The Naira’s rise is a positive sign for Nigeria

Experts say the naira’s appreciation is a positive sign for the economy after days of devaluation, which severely affects living standards.

They say the spearhead of Nigeria’s inflation is the naira devaluation, which has sent prices of things skyrocketing.

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Data from the FMDQ Exchange shows that willing buyers and willing sellers quoted the dollar at a high of N1,703 and a low of N1,640 per dollar.

Currency turnover in the official window improved to $243.05 million compared to $163.66 million provided on Thursday, November 21, 2024.

Experts predict further write-offs

The current naira gain is the third time it has risen against the US dollar in a week.

But on Friday November 22, 2024, the naira depreciated on the parallel market from N1,745 to the dollar to N1,740.

Several experts have predicted further depreciation of the local currency before December.

According to them, high demand for foreign currency during Christmas will exacerbate the naira’s depreciation.

This is according to a project by Meristem Securities Limited in the inflation report released on Tuesday, November 19, 2024.

IN the reportMeristem worried that currency demand during Christmas would exacerbate the pre-inflation woes of the naira.

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The report revealed that further upward pressure on the core index will be caused by rising transport from increased fuel prices.

The naira’s value against the dollar changes

Legit.ng earlier reported that the value of the Nigerian currency, the naira, fell again on Wednesday, November 20, 2024, after a brief recovery on Tuesday, November 19, 2024.

The naira crashed against the dollar in the official window to close at N1,687.52, down from N1,678.93 per dollar at which it traded the previous day.

Wednesday’s crash was one of many instances where the naira depreciated against the dollar amid the Central Bank of Nigeria’s (CBN) intervention drought.

Source: Legit.ng