Naira Surges To N1,382.95 Per Dollar As Liquidity Boosts Forex Market

The Naira, Nigeria’s currency, appreciated to N1,382.95 per dollar following rising liquidity at the official foreign exchange (FX) market on Tuesday.

The Naira has continued to appreciate against the US currency across foreign exchange markets, thanks to the recent reforms of the Central Bank of Nigeria (CBN).

After trading on Tuesday, the Naira gained 1.81 percent (N25.09) as the dollar was quoted at N1,382.95, stronger than N1,408.04 quoted on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ Securities Limited, indicated.

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The intraday high closed weak at N1,486 on Tuesday compared to N1,442 closed on Monday. The intraday low closed steady at N1,300 on the same day.

Dollar supply by FX market players including banks increased by 10.72 percent to $245.58 million on Tuesday from $221.80 million recorded on Monday.

The pressure on the foreign exchange market has eased as Naira on Tuesday appreciated to N1,340 per dollar on the parallel market stronger than N1,382.95 on the official market, resulting in an exchange rate gap of N42.95.