The naira’s appreciation against the US dollar continued on Wednesday, exchanging N1,300.43 per dollar at the official foreign exchange market on Wednesday.
FMDQ data showed that the naira appreciated to N1,300.43 per USD on Wednesday compared to N1,382.95 exchanged the previous day.
This presents an N82.52 gain against the USD in the official forex market.
Similarly, at the parallel market, a Bureau De Change Operator at Wuse Zone 4 Abuja, Mistila Dayyabu, said the naira was sold at N1,300 per USD.
Aminu Gwadabe, the President of the Association of Bureau De Change Operators in Nigeria, ABCON, confirmed that the dollar is sold for between N1,300 and 1,320.
He forecasted that the naira would appreciate to N1,000 per USD by December 2024.
We recall that on Monday, CBN sold $10,000 to each BDC at N1,251 per US dollar which represented a major FX intervention move.
Goldman Sachs analysts in March 2024 had forecast that the naira will appreciate to N1200 per US dollar in 12 months