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As FX Supply Rises, The Naira Gets A Lot Of Value Against The Dollar

By adahzionblog

October 25, 2024

42

As more foreign exchange (FX) was made available, the Naira rose against the dollar for the first time since last Friday.

According to figures from FMDQ, the Naira rose from N1,654.09 per dollar on Wednesday to N1,601.20 per dollar on Thursday.

Compared to the previous day’s exchange rate of N1,654.09, this is a big N52.89 gain against the dollar.

On the black market, the Naira fell from N1,730 to N1,735 per dollar on Wednesday to N1,735 per dollar on Thursday.

The number of foreign exchange transactions rose from $136.68 million the day before to $230.99 million on Thursday.

As you may remember, the Naira has lost at least N52 to the dollar at the official market since Monday of this week.

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