USD dollar supply jumps by 21% as Naira strengthens in the FOREX market
On Tuesday, there was a 21% surge in US dollar turnover transactions, reaching $122.18 million, as the Naira strengthened against the US dollar in the foreign exchange market. According to FMDQ data, this was an increase from the $96.13 million recorded on Monday.
The Naira traded at N14.58 per USD on Tuesday, up from the previous day's figure of N1,603.38 per USD, indicating a positive development in its value.
According to data from the Central Bank of Nigeria, the foreign reserves reached $34.33 billion as of March 11, 2024, compared to $34.11 billion recorded on March 7.
The Economist Intelligence Unit has recommended that the Nigerian government explore foreign loans as a potential solution to address liquidity challenges in its foreign exchange market.
Leave A Comment