Connect with us
WANT LATEST NEWS UPDATES STRAIGHT TO YOUR PHONE? CLICK HERE TO FOLLOW US ON FACEBOOK

Business

US Dollar supply surges by 76.62% in forex market as Naira appreciates

Published

on

The turnover of US Dollar supply at Tuesday’s official foreign exchange market surged by 76.61 per cent to $117.32 million as the Naira appreciated marginally.

FMDQ data showed that FX Turnover increased to $117.32 million on Tuesday from $66 million on Monday.

The development led to the marginal appreciation of the Naira to N1,551.24 per US dollar on Tuesday from N1,574.62 on Monday.

Pmnews.ng gathered that this is the first time the nation’s currency has appreciated against the US dollar at the official foreign market since last Thursday.

However, at the parallel market, the Naira dropped to N1,740.00 on Tuesday from N1,660 per US dollar on Monday.

The development comes days after the Economic and Financial Crime Commission operatives raided illegal Bureau De Change operators in Wuse Zone 4 Abuja.

Pmnews.ng recalls that in the past weeks, the Central Bank of Nigeria has rolled out several policies to checkmate the continued fluctuations of the Naira in the FX market.

The latest policies by CBN were the new guidelines issued to stop the payout of Personal Travel Allowance, PTA, and Business Travel Allowance, BTA, in cash.

Trending