Naira fails to gain despite increase in Dollar supply

Nigeria’s currency, the Naira, failed to firm up against the US Dollar despite a 46.49 per cent rise in foreign exchange, FX market turnover on Monday. According to data obtained from FMDQ, the country’s daily FX market turnover increased to $123.25 million on Monday from $84.02 million recorded on Friday. However, instead of the Naira […] Naira fails to gain despite increase in Dollar supply

News Nov 14, 2023 0 149 Add to Reading List

Naira fails to gain despite increase in Dollar supply

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Nigeria’s currency, the Naira, failed to firm up against the US Dollar despite a 46.49 per cent rise in foreign exchange, FX market turnover on Monday.

According to data obtained from FMDQ, the country’s daily FX market turnover increased to $123.25 million on Monday from $84.02 million recorded on Friday.

However, instead of the Naira appreciating against the Dollar following the increased supply of FX, it depreciated slightly by 1.96 per cent at the official market to N795.41 on Monday as against N780.14 quoted on Friday.

Meanwhile, the Naira at the parallel market exchanged for N1100 against the Dollar on Monday, the figure it quoted on Friday.

Naira fails to gain despite increase in Dollar supply

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