The US Dollar supply turnover at the official foreign exchange market saw a significant increase, reaching $296.00 million on Friday, leading to a surge in Naira appreciation. According to FMDQ data, the FX turnover rose by 26% from $217.14 million on Thursday. This surge in USD supply turnover contributed to the Naira’s continued appreciation, with the exchange rate standing at N1,548.25 per USD at the close of trading on Friday. In contrast, the average rate of Naira per USD at the parallel market was N1,550 on the same day.
This development comes in the wake of the Central Bank of Nigeria’s decision to revoke the licenses of 4,173 Bureau De Change Operators. The move is aimed at streamlining the foreign exchange market and ensuring compliance with regulations.
As the Naira continues to strengthen against the US Dollar, investors and traders are closely monitoring the market for any further developments. The increased USD supply turnover is a positive sign for the Nigerian economy, indicating growing confidence in the local currency.
Stay tuned for more updates on the foreign exchange market and the latest economic news.
