The naira has on Friday recorded its first closing gain of N39/$1 at the Investors and Exporters (I&E) window following the Central Bank’s (CBN’s) unification of exchange rates into the I&E window.
Having it closing at N702/$1 on Thursday, bouncing back strong on Friday with a closing rate N663/$1, a N39/$1 appreciation, according to data from FMDQ Group.
And this is the first closing gain for the naira since the rate unification policy started on Wednesday.
However, the policy, which allowed forex dealers and investors to buy and sell dollars at exchange rate of their choice provided they can find buyers, had pushed the local currency to over 15 years low before the ongoing recovery.
The new policy is part of the bold reforms promised by President Bola Tinubu.
Having a huge remark since President Tinubu resumed office, ranging from subsidy removal to some “housecleaning” at critical institutions to exchange rate unification, the market.
And that is very commendable Indeed.