The foreign exchange market in Nigeria saw a significant uptick in US dollar turnover transactions, with a 21% increase to $122.18 million. This surge was fueled by the Naira’s appreciation against the US dollar, reaching a rate of N14.58 to $1,603.38 on Tuesday, up from N1,617.96 on Monday.
According to data from FMDQ, the USD transactions rose from $96.13 million on Monday to $122.18 million on Tuesday. This positive trend was also reflected in the country’s foreign reserves, which stood at $34.33 billion as of March 11th, compared to $34.11 billion on March 7th.
In light of these developments, the Economist Intelligence Unit has recommended that the Nigerian government explore foreign loans as a potential solution to the liquidity challenges facing its FX market.
As the global economy continues to evolve, it is crucial for Nigeria to adapt and explore new avenues for financial stability. Stay tuned for more updates on this developing story.
