BUSINESS DAY
The naira on Monday recorded gains over the dollar across official foreign exchange (FX) markets, following dollar sales to authorised dealers and the Bureau De Change (BDC) operators.
At the official market, the naira gained N96.60 as the dollar was quoted at N1,500.32 on Monday, representing 6.44 percent higher than N1,596.92 quoted on Friday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ Securities Exchange Limited indicated.
The volume of transactions, known as FX turnover, increased by 7.66 percent to $269.88 million on Monday from $250.67 million recorded on Friday.
At the parallel market, popularly called black market, the naira closed at N1,570 per dollar gaining 0.64 percent or N10 compared to N1,580 closed on Friday.
The intraday high printed at N1,610 per dollar on Monday as against N1,619 traded on Friday, while the intraday low was quoted at N1,490 on Monday from N1,495 per dollar.
On Friday the Central Bank of Nigeria (CBN) said it sold the sum of USS106.5 million to authorised dealers over a two-day period to stabilise the Naira. The transactions occurred on Thursday, July 18, and Friday, July 19, 2024.
The CBN revealed that recent fluctuations in the forex market are largely driven by increased demand from corporate entities and the expected seasonal surge during the summer.
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