Naira reacts positively to proposed ban on use of foreign currencies for payments in Nigeria

The naira appreciated further against the American dollar at both the official and parallel foreign exchange markets on Tuesday, December 17, 2024.

This comes as the Senate on Tuesday moved to ban the use of foreign currencies such as the dollar, with the bill passing its first reading on the floor of the upper chamber earlier in the day.

According to data from FMDQ, the naira strengthened to N1,544.05/$1, up from N1,545.10/$1 it traded on Monday, December 16, 2024.

This represents a marginal gain of N1.05 for the local currency.

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Similarly, in the black market, the naira closed at N1,675/$1 as against the N1690/$1 recorded the previous day. This means a gain of N15 against the dollar.

The naira closed flat against the British Pound to trade at N2,200/£1 same as the previous day’s rate of N2,200\£1.

The naira continues to hold steady against the Canadian Dollar at N1,280/CA$1.

The naira gained N20 against the Euro to trade at ₦1,740/€1 as against the previous day’s rate of ₦1,760/€1.

By: Babajide Okeowo

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