The Naira appreciate in value yesterday, climbing to N1,500 per dollar from N1,525 per dollar in the parallel market on Monday. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,339.33 per dollar.
According to FMDQ data, the indicative exchange rate for NAFEM dropped to N1,339.33 per dollar from N1,481.23 per dollar, showing a N141.9 increase in value for the Naira.
The gap between the parallel market and NAFEM rates expanded to N160.67 per dollar from N43.77 per dollar on Monday.
Friday’s FX turnover surged to $556.25 million, marking a substantial 231.99% increase, likely driven by the CBN’s vigorous liquidity management strategy, as evidenced by its significant N1.16 trillion raise from the OMO bill auction.
FX turnover decreased sharply by 67.50%, amounting to $180.8 million on Monday. This substantial drop suggests a lower demand for dollars, which could be a contributing factor to the appreciation of the naira in the FX Market.