The US Dollar supply turnover at Wednesday’s official foreign exchange market witnessed a remarkable 51% surge, reaching $240.72 million, ultimately leading to marginal gains for the Naira. According to FMDQ data, this surge represented a $123.4 million increase from the previous day.
This development prompted the Naira to appreciate to N1,542.58 per US dollar on Wednesday from N1,551.24 on Tuesday, marking the second appreciation since last Thursday. However, the Naira dropped to N1,860 per US dollar at the parallel market on Wednesday from N1,740.00 on Tuesday.
Conversely, at Binance, a P2P market, the Naira appreciated to N1,608 per US dollar on Wednesday from N1,936 on Tuesday, amidst reported access restrictions in Nigeria.
This significant shift in the forex market coincides with recent raids on illegal Bureau De Change operators in Abuja, Lagos, Kano, and Oyo states by the Economic and Financial Crime Commission (EFCC). Furthermore, the Central Bank of Nigeria (CBN) has implemented various policies in the past weeks to address the persistent fluctuations of the Naira in the FX market.
