• Wednesday, April 24, 2024
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BusinessDay

FX traders on NAFEM see Naira strengthening further

Traders participating in the official window appear to be banking on the local currency, the Naira strengthening further with volumes also rising steadily.

Data available to BusinessDay show that on Tuesday $321.6m exchanged hands in 280 trades.

The lowest rate quoted was N1,200/$ compared with March 21 when the lowest rate quoted was N1,251/$.

Also on March 21, the highest rate quoted was N1,650/$ compared to trading on March 26 when the highest rate quoted was N1,500/$.
The bulk of the trading on March 26 was done at between N1,300/$ and N1,399/$ compared with March 21 when the bulk of the 347 trades was done at between N1,400/$ and N1,499.
“The data about where most of the trade is happening reflects market sentiments and it is a clear pointer to where the traders see the market going,” one trader told BusinessDay