Naira climbs to N1,541.52 against US dollar at I&E window

• Published On: 22 September 2024 at 16:34

On Friday, the naira-to-US dollar exchange rate rose to N1,541.52 at the official Investor and Exporter window.

This represents a 0.16% increase from N1,544.02 on September 19, 2024, as the naira seeks to stabilize in the N1,500 range.

The naira closed at N1,541.52 on September 20, 2024, up 0.16% from the previous day's rate of N1,544.02.

During Friday's trading session, the naira peaked at N1,672.00/$1 before falling to a low of N1,535.00/$1, eventually closing at N1,541.52.

On September 20, market turnover increased by 117% to $190.57 million, up from $87.51 million the day before. In August, turnover was $3.3 billion, a decrease from $4.34 billion in July.

In the parallel market, the naira opened at N1,640.32 and experienced moderate volatility, fluctuating between N1,650.33 and N1,617.52, before closing at N1,639.45.

Since mid-July, the naira has largely remained in the N1,600 range, struggling to rise against the dollar after falling to the N1,400 level in May.

The federal government's agreement with Russian companies to reopen the Ajaokuta Steel Plant and the National Iron Ore Mining Company is expected to boost economic optimism.

NNPC has resumed discussions with investors to restart two major LNG projects, Brass and Olokola, worth $29.8 billion.

The naira has lost approximately 76% of its value year to date, owing to rising inflation and increased demand for dollars.

Despite these challenges, Nigeria's external reserves rose slightly, from $36.305 billion on August 30 to $36.730 billion by September 10.