Economy
USD Supply Surges by 50% as Naira Appreciates Further in FOREX Market
The supply of US dollars surged by 50 per cent to $248.75 million, coinciding with the continued appreciation of Nigeria’s currency, the Naira, in the foreign exchange market.
Data from FMDQ revealed a notable uptick in USD transactions, soaring to $248.75 million on Thursday from $122.18 million recorded on Tuesday.
This surge in USD supply contributed to the Naira’s ongoing appreciation, with its value reaching N1608.98 per US dollar compared to N1,615.94 on the previous day.
Moreover, at the parallel market, the Naira maintained its upward trend, trading at an average of N1,610 per USD. This indicates a significant convergence between the official and parallel foreign exchange rates.
In response to these developments, the Central Bank of Nigeria (CBN) issued a circular on Thursday, prohibiting commercial banks from exploiting forex revaluation for profit. This move underscores efforts to stabilize the foreign exchange market and mitigate any undue fluctuations in currency values.
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