Manufacturers and importers heaved a sigh of relief on Friday as the Nigerian naira appreciated massively against the United States dollar, closing at N791.75/$1 at the official market. The appreciation represents a N49.39 gain or a 5.24% increase in the local currency compared to the N841.14 it closed on Thursday. The move, experts say, is expected to bring relief to the naira, the business community, and the economy at large. The country has faced chronic dollar shortages since foreign investors exited local assets during a period of low oil prices. Since then, investors have yet to return, and the central bank has struggled to meet the demand for dollars from foreign investors seeking to repatriate funds or airlines seeking to send money from ticket sales abroad.

Source: Nigerian Tribune November 18, 2023 17:45 UTC