Naira Strengthens to N878.61 Against the U.S. Dollar

The Nigerian Naira appreciated against the United States Dollar on Tuesday to close at N878.61.

This was a 5.05% gain from its previous close of N925.45 on Monday, the data from the Financial Markets Dealers Quotations (FMDQ) has shown.

Despite this gain, the parallel market, popularly known as the black market, remained weak against the U.S. dollar at N1360 per dollar. Suggesting that the disparity between the two forex segments stood at N481.39 despite efforts to converge rates.

The forex turnover stood at $58.46 million, a 20.28% decrease when compared to the previous day.

Meanwhile, the Central Bank of Nigeria has increased the allocation for the Small and Medium Enterprises Development Agency of Nigeria by 238.87 percent to N19.79 billion in the 2024 budget.

CBN’s Deputy Governor, Economic Policy, CBN, Muhammad Abdullahi-Dattijo, announced on Tuesday during a keynote address at the 10th National Economic Outlook: Implications for Businesses in Nigeria 2024, organised by the Chartered Institute of Bankers of Nigeria.

“In terms of allocation, there is increased government focus in spurring foreign and domestic investment, as well as growth of small and medium enterprises.

“For instance, allocation to the Small and Medium Enterprises Development Agency of Nigeria  increased by 238.87 per cent to N19.79bn in 2024, compared with N5.84bn allocation in 2023. This shows government’s commitment to growing the business sector.”