The naira gained marginally against the United States dollar at the Nigerian Autonomous Foreign Exchange Market on Tuesday, closing at N1,542.58/$ from N1,551/$ recorded on Tuesday.
The rate represents a 2.9 per cent appreciation from the N1,598.54 traded on Monday and a meagre 0.58 per cent against Tuesday’s rate…….CONTINUE READING>>>>>>
According to data from the FMDQ Securities Exchange-a platform that oversees FX trading in Nigeria-the local currency hit an all time intra-day high of N1,755 and an intra-day low of N1,050.
Also, the foreign exchange turnover increased to $172.14m from the $66.43m and $117.32m recorded on Monday and Tuesday, respectively.
Banks sale of approximately $172m on Wednesday represents about 47 per cent increase from the $117m sold on Tuesday. While the sale of forex on the FMDQ is dominated by banks, the Central Bank of Nigeria and multinationals especially oil firms also participate in the sale and purchase of forex on the platform.
However, the Wednesday’s 1,542.58/dollar closing rate of the national currency at NAFEM further widened the gap between the official and paralleled market rates.
On Wednesday, the naira depreciated further to 1,900 against the dollar at the parallel market, bringing the gap between the official and black market rate to over N300 and fuelling concerns over round-tripping.….CONTINUE READING>>>>>>
