Forex Market: USD Supply Jumps by 38.9% as Naira Maintains Massive Gains

There has been a significant increase of 38.93% in US Dollar transactions, while the Naira continues to make substantial gains in the foreign exchange market.

FMDQ data showed that USD transactions increased to $195.13 million on Tuesday from $140.45 million on Monday.

The development has led to Naira’s weeks of continued appreciation. On Tuesday, the Naira traded N1,560.57 per USD from N1,572.82 on Monday.

This represents a N12 gain on a day-to-day basis. The figure indicated a whooping N57.36 gain compared to N1,617.96 per USD traded barely a week ago.

The Naira had maintained below N1,600 per USD mark for the second day in a row, a threshold it had previously sustained for nine days since March 5th, 2024.

At the parallel market, the Naira remained stable, trading close to the N1,600 per dollar benchmark.

The Nigerian currency saw a 0.50 per cent appreciation against the USD on Tuesday, improving from the prior rate of N1,608 per USD.

 

March 20, 2024