BUSINESS DAY
The foreign exchange (FX) market resumed trading after the Christmas holidays, with Nigeria’s naira strengthened against the U.S. currency on 38.81 percent increase in dollar supply on Wednesday.
The naira gained 1.50 per cent as the dollar was quoted at N872.59 on Wednesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM). This was stronger than N885.88 quoted on Friday before the festive holidays.
Data from the FMDQ showed that dollar supply increased by 38.81 percent to $127.93 million on Wednesday from $92.16 million recorded on Friday.
The dollar was supplied by willing buyers and willing sellers who participated in the FX auction at NAFEM.
They quoted the dollar at N1,235.65 on the spot trading, stronger than $1,248 quoted on Friday. For the lower spot rate, the dollar traded for N740, weaker than N700 on Friday.
At the money market, the Nigerian treasury bills secondary market closed on a mildly positive note on Wednesday, with the average yield across the curve decreasing by 1 basis point to 8.42 per cent from 8.43 per cent on the previous day, according to a report by FSDH research.
