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Rewane names Naira appreciation against USD, two others as good news for Nigerian economy

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The Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Bismark Rewane, said the continued Naira appreciation, forex backlog clearance, and refinancing of existing bond obligations are good news for Nigeria's economy. Rewane disclosed this on Thursday as a Channels Television's Politics Today guest.

The Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Bismark Rewane, said the continued Naira appreciation, forex backlog clearance, and refinancing of existing bond obligations are good news for Nigeria's economy. Rewane disclosed this on Thursday as a Channels Television's Politics Today guest. According to him, Nigeria's economy is moving in the right direction. He, however, stated that the country's growth pace is slow.

recalls that Naira continued its three-week-long appreciation drive on Thursday, trading at N1,382 per USD compared to N1,492 the previous day. The CBN said on Tuesday that it has cleared all of the forex backlog.

 

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Naira appreciation continues as USD supply surges at forex marketThe Naira continued its appreciation against the US Dollar at the foreign exchange market as USD transactions surged. FMDQ data showed that the Naira appreciated to N1,572.82 per USD upon resumption of trading on Monday compared to 1,602.75 on Friday. The figure represents N29.93 appreciation compared to the N1602.75 it traded on Friday.
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