The Central Bank of Nigeria’s proactive policies are bearing fruit, with a remarkable 117% increase in dollar supply at the foreign exchange market, leading to a notable appreciation of the Naira.
Recent data from FMDQ reveals that foreign exchange transaction turnover surged to $190.57 million on Friday, up from $87.51 million the previous day, marking a substantial increase of $103 million.
As a result, the Naira strengthened against the dollar, closing at N1,541.52 and N1,663 in the official and parallel markets respectively, ending the week on a positive note. This represents a slight week-on-week appreciation compared to last week’s rates of N1,546.41 and N1,665.
In light of these developments, the Central Bank of Nigeria is set to convene its 297th Monetary Policy Committee meeting next week to discuss interest rates and other key monetary policy measures. The commendable efforts of the management team are clearly contributing to improved liquidity and stability in the FX market.