The Central Bank of Nigeria (CBN) has seemingly triumphed over the challenges posed to the Naira, with the official Nigerian Autonomous Foreign Exchange Market (NAFEM) recording a total turnover of $12.66 billion between January 18 and April 18, 2024. This marks a significant feat in the face of persistent attacks on the Naira in recent times.
The data, compiled by THISDAY, depicts the daily turnover fluctuations on the NAFEM during the aforementioned period, showing varying values from relatively low turnovers to higher amounts on different days. The commendable monetary policy reforms have contributed to the market’s resilience. Analysts have lauded these efforts while advocating for supportive fiscal measures to further fortify the Naira’s stability.
Moving forward, it will be pivotal for the CBN to continue its strategic initiatives, while collaborating with the fiscal authorities to ensure a comprehensive approach in safeguarding the Naira’s strength amidst evolving economic dynamics.
