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US DOLLAR INDEX
If you exchanged your Naira for USD in September 2024 and held it, the $1, when converted back to Naira, would be worth 11.12% less; The Naira has strengthened.
The Naira settled at N1,550 against the U.S dollar; at the unofficial market from N1,550/$ Settlement price on Sunday while the greenback remained at elevated levels in the global foreign exchange market.
The naira slipped marginally against the safe-haven currency during the first trading session of the week, while the dollar showed strength in the global market.
The naira lost value against the haven currency in the official and parallel forex markets on Tuesday, even after starting the week with a sharp rise.
The Naira began the week at N1,560/$ in the black market.
The Nigerian currency witnessed a return of high market volatility in the Nigerian unofficial market amid increased demand and a strong U.S dollar index.
The local currency maintained its ground during the fourth trading session of the week, despite the US dollar index oscillating at a two-year high.
The Nigerian currency is bracing for challenges as the U.S. dollar surges following Donald Trump’s return to the U.S. presidency.