The exchange rate between the Naira and the Dollar closed at N1,300/$1 on Wednesday on the official NAFEM window, marking the strongest performance in over 8 weeks.
This information comes from data obtained from the FMDQ, where the exchange rate is officially quoted.
Nairametrics’ findings also indicate that the exchange rate in the parallel market strengthened, ranging between N1,250 and N1,300 for both cash and inflow-related transfers.
According to the FMDQ, the exchange rate closed at N1,300.43 on Wednesday, the strongest since January 26, 2024, when the exchange rate closed at N891.9/$1.
The improved exchange rate results from several monetary policies implemented by the Central Bank, headlined by higher interest rates for OMO bills and Treasury bills. Nairametrics’ findings reveal that the latest Treasury bills attracted an interest rate of 21.5%, with over N1.5 trillion allocated.
Furthermore, the exchange rate used for calculating customs import duties and cargo clearance has decreased for the fifth time in less than two weeks, shifting from N1,612 per dollar on March 15 to N1,405.46 per dollar currently.