The Naira experienced a modest improvement against the US dollar, buoyed by a substantial 202.97% surge in foreign exchange (FX) supply, reaching $271.50 million in the forex market.
According to data from FMDQ, the Naira strengthened to N1,499.07 per US dollar on Tuesday, marking a 2.36% or N35.32 gain compared to the previous trading day’s closing rate of N1,534.39.
Conversely, at the Parallel Market, the Naira weakened to N1,517 per dollar on Tuesday from N1,495 on Monday.
Since the Central Bank of Nigeria’s introduction of the ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms on January 29, the country’s exchange rate has fluctuated between N1,400 and over 1,500 per US dollar.
CBN Governor Olayemi Cardoso expressed commitment to exchange rate stability during an interface with the Senate Joint Committee on Banking, Insurance, and Financial Institutions in Abuja on Friday.
