THE NATION
The naira at the weekend recovered against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official exchange rate window.
Airlines, ground handling companies, aviation catering firms and other players in the value chain are excited about the development.
Investigations showed that passengers on international routes were upbeat about the development because of its effects on air fares.
The naira recovered to N794.89/$1, after a two day slump in the official market as at last Friday.
According to Data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, the rate represents a recovery of 16.88 percent from the N956.33 it recorded on Thursday.
However, the forex turnover, on Thursday, hit $105.50million according to data from NAFEM. The turnover represents the amount of dollars traded at a particular trading day.
Consequently, at the parallel market, the naira sustained its appreciation against the dollar as it appreciated on Friday, from N1,160 to N1,155.
This represents 0.43 percent – five naira gain than N1,160 exchanged on Thursday at the parallel market.
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