Naira Strengthens to N1,561 at I&E Window as Oil Prices Maintain Stability Above $77

The money used in Nigeria, called the naira, got stronger against the U.S. dollar. At a special official place where people exchange money, one dollar now equals N1,561.76 naira. This happened because the price of oil, which is a special kind of energy, stayed the same and was more than $77 for each big container.

This is a nice change for Nigeria’s money market since the naira’s value went up by 4.49%. Before, the rate was N1,635.15.

More people used this money exchange market. The amount of money exchanged went up to $253.68 million from $126.24 million the day before.

Important Numbers

Today’s Exchange Number: On October 8, for one dollar, you needed N1,561.76 naira. This is better than the day before when you needed N1,635.15 naira.

Highest and Lowest of the Day: During the day, the naira’s value went up and down. It reached a top of N1,650.00 and a low of N1,540.00 before stopping at N1,561.76.

Market Activity: In the special market, people traded $253.68 million. This is a big jump from $126.24 million the day before. In September, the total traded amount was $3.3 billion.

Other Market Rates: In another market, the naira started at N1,619.3 for one dollar, moved a bit up and down, and finished at N1,621.03.

Money Market Patterns

All year, the naira had some tough times. It lost more than 70% of its value. In January, one dollar was N907.11. By October, it was more than N1,500.

Early in 2024, the naira’s value dropped a lot. In February, it was the worst, at N1,616.53 for a dollar.

In March, things got a little better, and the naira was at N1,303. But in April, it went down again to below N1,100, stopping at N1,002. Later, in September, it got weaker, reaching N1,668.97.

Looking Ahead

• The new plan might help Nigeria save some of its important money. If airplanes in Nigeria get their special fuel from nearby, it can save them from paying a lot when world oil prices go up, which might make flying cheaper for them.

• This smart idea could make more people want to put money into Nigeria, which could help make the naira stronger.

• Good actions like these might help make Nigeria’s economy more steady. This would be really good news for the naira.