Sat. May 25th, 2024

USD supply dips by 30.7% despite Naira appreciation

By admin Mar 23, 2024
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The supply of United States Dollar dipped by 30.7 per cent to close at $199.71 million on Friday at the foreign exchange market despite the continued Naira appreciation drive.

FMDQ data showed that USD transactions turnover was depleted by $88.76 million on Friday compared to $288.47 million recorded the previous day.

Despite the drop in FX supply, Naira recorded a slight gain to close at N1,431.49 per USD at the official market compared to N1,453.28 the previous day.

Similarly, at the parallel market, the Naira traded at N1,460 per USD on Friday from N1,470 on Thursday.

For weeks now, the Naira has continued its appreciation drive against the USD.

According to leading financial analyst, Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Bismark Rewane, the Naira gained at least 28 per cent in three weeks.

He stated that the country’s currency appreciation is sustainable if the government continues to do the right things fiscally and monetarily.

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