Home BUSINESS US Dollar supply surges by 51% in forex market as Naira records...

US Dollar supply surges by 51% in forex market as Naira records gain

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Exchange rate falls to N1,602.43/$1 as Binance pulls plug on Naira
Exchange rate falls to N1,602.43/$1 as Binance pulls plug on Naira

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.

FMDQ data showed that FX Turnover increased to $240.72 million on Wednesday from $117.32 million on Tuesday.

The figure represented a $123.4 million FX turnover increase at the close of trade on Wednesday.

The development led to the appreciation of the Naira to N1,542.58 per US dollar on Wednesday from 1,551.24 on Tuesday.

DAILY POST gathered that this is the second time the nation’s currency has appreciated against the US dollar at the official foreign market since last Thursday.

DAILY POST recalls that the turnover of US Dollar supply at Tuesday’s official foreign exchange market surged by 76.61 per cent to $117.32 million as the Naira appreciated.

However, at the parallel market, the Naira dropped N1,860 per US dollar on Wednesday from N1,740.00 on Tuesday.

Meanwhile, at Binance, a P2P market, Naira appreciated N1,608 per US dollar on Wednesday from N1,936 on Tuesday, amid reported access restrictions in Nigeria.

The development came days after operatives of the Economic and Financial Crime Commission, EFCC, raided illegal Bureau De Change operators in Abuja, Lagos, Kano and Oyo states.

DAILY POST recalls that in the past weeks, the Central Bank of Nigeria, CBN, has rolled out several policies to checkmate the continued fluctuations of the Naira in the FX market.

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