US Dollar Turnover Surges by 51% at Official Foreign Exchange Market
On Wednesday, the turnover of US dollars at the official foreign exchange market in the United States experienced a significant surge, climbing by 51% to $240.72 million, Excel Magazine International can report.
This surge coincided with marginal gains recorded by the Naira.
Data from FMDQ revealed that FX turnover soared to $240.72 million on Wednesday, marking a notable increase from $117.32 million recorded on Tuesday. This surge amounted to a $123.4 million increase in FX turnover by the close of trading on Wednesday.
As a result of this development, the Naira appreciated to N1,542.58 per US dollar on Wednesday, up from N1,551.24 recorded on Tuesday.
Notably, this marks the second time the Nigeria’s currency has appreciated against the US dollar at the official foreign market since last Thursday.
It is worth noting that Tuesday’s official foreign exchange market also witnessed a significant surge in US dollar supply turnover, which increased by 76.61% to $117.32 million, coinciding with Naira appreciation.
However, in contrast, at the parallel market, the Naira experienced a decline, dropping to N1,860 per US dollar on Wednesday from N1,740.00 on Tuesday.
Meanwhile, at Binance, a P2P market, the Naira appreciated to N1,608 per US dollar on Wednesday from N1,936 on Tuesday, amid reported access restrictions in Nigeria.
This development follows recent raids by the Economic and Financial Crime Commission (EFCC) on illegal Bureau De Change operators in Abuja, Lagos, Kano, and Oyo states.
In recent weeks, the Central Bank of Nigeria (CBN) has implemented several policies aimed at stabilizing the Naira amidst the continued fluctuations in the FX market.
