The Nigerian national currency, Naira, appreciated N351.12 against the US Dollar in the foreign exchange market in the last one month.

This is according to FMDQ data on the dollar exchange rate from March 8 to April 5 2024.

Accordingly, the country’s currency gained N351.12 by appreciating to N1251.05 per Dollar on Friday from N 1,602.17 on March 8, 2024.

The figure represents a 21.9 per cent appreciation in the reference period.

The development showed that the Naira has continued its appreciation since last month.

The Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, had attributed the sustained gain of Naira at the FX market to the Central Bank of Nigeria’s recent forex reforms.

Meanwhile, Nigerians have yet to see a significant impact on the country’s soaring inflation, which increased to 31.7 per cent in February.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.