The US Dollar supply turnover in the official foreign exchange market reached an impressive $296.00 million on Friday, signaling a surge attributed to the Naira’s appreciation. According to data from FMDQ, the FX Turnover saw a notable increase from $217.14 million on Thursday, marking a remarkable 26% upturn in USD supply turnover.
The positive momentum in the market contributed to the continued strengthening of the Naira, closing at N1,548.25 per USD at the end of Friday’s trading session. Simultaneously, the parallel market reported an average exchange rate of N1,550 for the Naira against the US Dollar.
This development unfolded against the backdrop of the Central Bank of Nigeria’s decision to revoke the licenses of 4,173 Bureau De Change Operators. As market dynamics continue to evolve, these financial shifts are closely monitored for their impact on currency exchange rates and economic stability.