By Busari Kabirat
Following several days of instability, the naira gets back its value and stabilizes again to the equivalent of US dollar at parallel market on Tuesday, which sold at N1,365/$1.
Naira also get back its value and stability at the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official window of the nation, it closes at N878.61 per dollar as against N925.34 per dollar on Monday. Naira still keep intact its stability till second day after it closes for N1365 per dollar on Monday.
Naira recovered by N46.73 against the UD dollar, according to FMDQ Securities Exchange which is an official platform that oversees foreign exchange (FX) trading in Nigeria.
The naira recovered from N925.34/$1 that it closed on Monday, January 22nd, 2024 to appreciate to N878.61/$1, on Tuesday January, 23rd, 2024
In accordance with Apex bank’s compilation of payment, the first two quota of 2023 result started that Nigerians spent $896.09m on foreign education, $245.68m on foreign health-related issues and $434.63m on other personal foreign needs.
Apex bank’s explanatory note titled, Note D, explained further about balance of Payments to be “a systematic record of economic and financial transactions for a given period between residents of an economy and non-residents.”
