The naira’s value in the official foreign exchange market improved against the US dollar for the second time in September on Friday.
According to data from FMDQ Securities, the naira closed at N1,593.32/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, September 6, 2024.
Friday’s exchange rate represents a 46.09 appreciation compared to the N1,639.41/$1 closing rate on Thursday, September 5.
The appreciation is the first for the naira in three days at the foreign exchange market.
The strong performance of the naira comes as the dollar supplied by willing sellers and willing buyers surged by 244.4% to $245.17 million on Friday compared to $71.18 million recorded on Monday at the NAFEM.
On a day-on-day basis, the dollar supply rose by 31.96% on Friday from $185.79 million recorded on Thursday.
However, in the parallel market, also known as the black market, the naira lost N25 in five trading days to close at N1,660 on Friday, while N1,635 closed on Monday.
On a daily trading basis, the local currency steadied at N1,660 on the black market.
He explained
TimesNow.com.ng earlier reported that Nigeria’s foreign exchange (forex) reserves increased by $195.01 million to $32.64 billion, indicating that the market is expected to have more liquidity.
Naira’s value in the official foreign exchange market improved against the US dollar for the first time in September.
The reserves increased by $89.76 million the week before. Before this, it had increased by $10.76 million and $132.68 million.
Source: TimesNow.com.ng
