Victor Ezeja
The Nigerian naira recorded appreciation for the first time in the week’s trading at the official segment of the foreign exchange market.
The naira exchanged N1659.26 against dollar on Thursday, 3 October, according to the Nigeria Autonomous Foreign Exchange Market (NAFEM) data published on the FMDQ Securities and Exchange platform.
Join our WhatsApp ChannelThis reflects 0.6 per cent or N9.89 gain when compared to Wednesday’s closing rate of N1,669.15.
According to the data published on the FMDQ platform, dollar supply recorded a significant surge, reaching a high of $450.39 million. This means a 155.25 per cent increase compared to $176.45 million on Wednesday.
READ ALSO: Naira Crashes To N1,700/$ After October 1 Public Holiday
The FMDQ data showed that there was an intraday high of N1,696.00 and a low of N1,601.48 per dollar.
The naira also appreciated at the parallel market also known as black market, as the exchange rate came down to N1,670 against the previous day’s close of N1,680 per dollar.
The Nigerian foreign exchange market has continued to experience volatility since the beginning of this year, raising concerns about the impact on the economy. The significant increase in dollar supply to the foreign exchange market recorded on Thursday raises hope of positive outcome.
Experts believe that increasing dollar supply to the FX market would help in stabilizing the value of the naira.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
