Naira appreciates against US dollar as forex supply jumps by 301.3%

Tuesday saw a 1.16% increase in the value of the Nigerian Naira versus the US Dollar in the Investors and Exporters (I&E) sector of the market.

Naira closed Tuesday’s trade at N424.17 to a dollar as opposed to N429.13/$ recorded as of the close of trading activities in the previous trading session, according to data from FMDQ Securities, where Naira is officially traded.

The 301.3% increase in forex supplied in the official market contributed significantly to the Naira’s strong performance.

Data shows a total of $383.59 million in FX value was traded on Tuesday, 19th July 2022, an increase compared to $95.58 million that exchanged hands on Monday.

At the black market, traders revealed that the exchange to the dollar dropped to N620/$1 compared to N619.5/$1 recorded in the previous trading session.

While at the peer-to-peer market Naira depreciated further by 0.78% on Wednesday morning to trade at a minimum of N635.1/$1 compared to N630.2/$1 recorded on Tuesday morning.