Good news: Naira regains some of its losses against US dollar

The Nigerian naira has regained some its losses against the United States dollar amid prospects for rate cuts in the world’s largest economy improved, and U.S. core inflation and weaker-than-expected inflation readings in Nigeria.

At Nigeria’s official market, the naira closed at N1459.02 against the greenback, marking a 4.21% gain, according to data from the FMDQ.

This was the first gain after a string of losses, which had pushed the official exchange rate below N1,500/$1. Compared to the N1520.4/$1 reported the day before, the naira appreciated.

Improved dollar supply from eager sellers and buyers at the NAFEM market also contributed to the strengthening of the local currency, with trading volume surging by 124.56% to $289.14 million on Wednesday from $128.86 million on Tuesday.

https://www.hawkersv.com/2024/05/good-news-naira-regains-some-of-its.html

You guys should take a rest from this dollar this dollar that. We all know it's still going up so rest.