Dollar Supply Surges, Naira Closes Week at N1435.53/$

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In the official foreign exchange market, dollar supply witnessed a significant increase, rising by 180.59 percent to $440.13 million on Friday. 00he naira concluded the week at N1435.53/$ after a turbulent period.

Data from FMDQ Security Exchange revealed a surge in forex turnover from $156.86 million on Thursday to $440.13 million on Friday, with commercial banks, the Central Bank of Nigeria, oil firms, and multinationals contributing to dollar sales at NAFEM. The improved liquidity in the forex market follows efforts by the Central Bank of Nigeria to stabilize the foreign exchange rate.

Before settling at N1435.53/$ on Friday, the naira experienced fluctuations, reaching an intraday high of N1526/$ and a low of N838.96/$.In the parallel market, the naira closed at N1,420/$ on Friday, reflecting steady demand for the greenback among traders and consumers.

A global rating firm cited the stable outlook based on the government’s reform agenda, which, if implemented, would bolster growth and fiscal outcomes.

Sourcr: PUNCH

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