Naira firms at official market as dollar supply rises

The foreign exchange (FX) market recorded a 12.02 percent dollar supply, resulting in a stronger Nigerian naira at the official market on Monday.

After trading on Monday, Naira gained 5.26 percent as the dollar was quoted at N750.14 as against N791.75 quoted on Friday at the Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ showed.

Dollar supply from the willing buyers and willing sellers increased on Monday.

Consequently, the daily FX market turnover rose by 12.02 percent to $176.75 million on Monday from $157.78 million recorded on Friday.

Read also FX pressure continues as naira falls to N1,140 per dollar

At the parallel market popularly called black market, naira fell to N1,140 per dollar on Monday following increased demand for the greenback by the end users.

This represents 0.44 percent weaker than N1,135 per dollar exchanged on Friday on the same market. Some traders at CMS sold dollars at N1,100 during the morning trading session. At Ibadan, one dollar was sold for N1,150 and at the Lagos Airport it went for N1,145/$1.

Naira free falls peaked at N1,310 per dollar on October 24, 2023 before strengthening to N1.020/$1 on November 3, 2023, according to data compiled by BusinessDay.