Naira strengthens despite hunger Protests, gains N42.88 against Dollar

The Naira appreciated by N42.88 against the dollar in the foreign exchange market on a week-on-week basis, following the Central Bank's introduction of the Retail Dutch Auction System (RDAS). This data comes from FMDQ over the past seven days.

On Friday, August 2, 2024, the Naira traded at N1617.08 per dollar but improved to N1,574.20 this Friday in the official market. However, the Naira remained stable in the black market throughout the week.

Last week Friday, the Naira traded between N1600 and N1605 per dollar, and the same rate was recorded this Friday.

The appreciation of the Naira is attributed to the Central Bank of Nigeria (CBN)'s implementation of RDAS in the FX market on Wednesday. The CBN reported selling $876.26 million to 26 banks at a rate of N1,495 per dollar.

These gains occurred despite the ongoing hunger protests that began last Thursday, disrupting economic activities in some states across the country.