Naira appreciation: Dollar supply surges by 93% at official forex market

Amid Naira’s growth, the official foreign exchange market’s supply of US dollars increased to 93%.

According to FMDQ data, the volume of forex transactions jumped from $83.5 million on Friday last week to $161.41 million on Monday.

Due to this development, the dollar’s value continued to rise on Monday, closing at N1468.99 per dollar from N1497.33 on Friday.

Over the previous few weeks, Nigeria’s foreign exchange (FX) reserves rose by almost $535 million.

By May 16, 2024, FX reserves have increased from $32.107 billion on April 19, 2024, to $32.642 billion. 

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