The Nigerian naira has exhibited signs of strengthening against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend, marking a notable increase compared to its previous rate of N1,400 to a dollar at the close of trading on Friday.
This development coincides with the Senate’s Committee on Finance calling for concerted efforts from all relevant stakeholders to address the currency’s instability and ensure its sustained stability.
The Ministry of Education has postponed the reopening of schools for the second term session by one week due to severe flooding that has claimed over 70 lives. Originally scheduled for Monday, the resumption has been rescheduled to May 6, as announced by Dr. Ezekiel Machogu, the Cabinet Secretary for Education, Gender, and Health.
The decision to delay the reopening comes after an assessment revealed significant damage to numerous schools across the country, attributed to heavy rains. Dr. Machogu emphasized the importance of prioritizing the safety of learners and staff before resuming classes.
Currency traders at the popular Wuse Zone 4 market cited trading uncertainty as a reason for the fluctuations in the exchange rate. They emphasized the need for government intervention to stabilize the market and address concerns regarding the naira’s volatility.
Meanwhile, the Association of Bureaux De Change Operators of Nigeria has announced plans to unify the retail end of the foreign currency market, aiming to tackle volatility and enhance regulatory compliance.
Before the recent gain, the naira had experienced a significant depreciation, losing 26.2% of its value against the dollar in two weeks. This underscores the need for proactive measures to safeguard the stability and resilience of the currency, as emphasized by the Senate’s Committee on Finance.
In response to the ongoing challenges, the Senate has called for proactive measures to address the currency’s instability and ensure its sustained stability. The committee highlighted the pressing concern posed by the persistent depreciation of the naira against major foreign currencies, emphasizing the need for bold policy decisions to bolster economic growth and stability.