Naira appreciation continues as USD supply surges at forex market

In the foreign currency market, the Naira kept rising vs the US Dollar as USD transactions increased.

According to FMDQ data, the Naira strengthened from 1,602.75 per USD on Friday to N1,572.82 per USD when trading resumed on Monday.

The amount indicates an increase of N29.93 over the N1602.75 it traded on Friday.

In the same vein, the country’s currency has not moved from an average of N1,600 per USD to N1,572.82 per USD since March 5, 2024.

This is because, compared to Friday’s $137.43 million, USD transactions increased by 2.20 per cent to $140.45 million.

In the parallel market, the value of the Naira against the US dollar also increased by 0.78 per cent, trading at N1,608 as opposed to N1,614 earlier.

On Monday, the Naira appreciated against the British pound, trading at N2,030 to £1 as opposed to N2,045 earlier. Additionally, it gained 0.50 per cent versus the Euro, trading at N1,725 per €1, up from N1,735 per €1 on Friday of the previous week.

This development coincides with a modest increase in Nigeria’s foreign reserves of $2.71 million on March 14, 2024, to $34.416 billion, a 0.008% gain from $34.413 billion the day before.

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