While some citizens showered Cardos with praises over the resurgence of the naira, others wondered why the effect of the appreciation is yet to reflect in the prices of goods.
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has become the talk of the town on Nigerian Twitter, now X, following the sustained appreciation of the naira against the United States dollar.
At the close of trading at the official market on Friday, April 12, 2024, the naira experienced a massive leap, exchanging for ₦1,142.38 to the dollar.
The huge appreciation represents a 7.16% gain when compared to the previous trading date on Monday, April 8, when it traded for ₦1,230.61 to a dollar before the Sallah holiday.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), put the naira gain on Friday at ₦88.23.
The development is a continuation of the resurgence of the local currency against the greenback. Recall the naira had plummeted to an all-time low early in the year, exchanging for ₦1,900.
The currency decline was attributed to the decision of the apex bank to unify the foreign exchange market to curtail arbitrage in the system.
The local currency suffered significant losses following two devaluations since last June, with a shortfall in capital inflows and interest rates compounding the situation.
However, the CBN has since turned the corner after Cardoso introduced a potpourri of measures that have helped to stabilise the currency.
Cardoso receives accolades on Twitter
Reacting to the news of the naira appreciation, many Nigerians took to Twitter to express their feelings.
As of the time of filing this report, 'Cardoso' is the number one item on the Nigerian trend table.
A peep into the tweets showed that many are satisfied with the development while others are maintaining cautious optimism.
While some citizens showered Cardos with praises over the resurgence of the naira, others wondered why the effect of the appreciation is yet to reflect in the prices of goods.
