The US Dollar supply turnover at Wednesday’s official foreign exchange market surged by 51 per cent to $240.72 million as the Naira recorded marginal gains.
Data from FMDQ revealed that the FX turnover increased from $117.32 million on Tuesday to $240.72 million on Wednesday, marking a substantial $123.4 million rise by the close of the trading day.
As a result of this development, the Naira appreciated against the US dollar, reaching N1,542.58 per US dollar on Wednesday, compared to N1,551.24 on Tuesday. This marks the second occasion the nation’s currency has strengthened against the US dollar in the official foreign market since last Thursday.
It is worth noting that on Tuesday, the turnover of US Dollar supply at the official foreign exchange market had surged by 76.61%, amounting to $117.32 million, coinciding with the appreciation of the Naira.
However, in the parallel market, the Naira declined to N1,860 per US dollar on Wednesday from N1,740.00 on Tuesday. Meanwhile, on Binance, a P2P market, the Naira appreciated to N1,608 per US dollar on Wednesday from N1,936 on Tuesday, amidst reported access restrictions in Nigeria.
- These developments occurred in the aftermath of Economic and Financial Crime Commission (EFCC) operatives raiding illegal Bureau De Change operators in Abuja, Lagos, Kano, and Oyo states. In recent weeks, the Central Bank of Nigeria (CBN) has implemented various policies to curb the ongoing fluctuations of the Naira in the FX market.
