The Nigerian Autonomous Foreign Exchange Market (NAFEM) showcased a remarkable surge on Tuesday, concluding the trading day at N1560.57 per dollar.
This signifies a noteworthy appreciation of N36.67 or 2.35% compared to Monday’s closing rate of N1,597.24/$1.
Moreover, the Naira sustained its position below the N1,600/$1 threshold for the second consecutive day, a feat it has maintained for nine days since March 5th, 2024.
Tuesday’s trading activity exhibited a significant uptick, with the daily turnover hitting $195.13 million, marking a substantial 38.93% increase from Monday’s $140.45 million.
Data from FMDQ Securities further reveals an impressive 4.34% surge or $1.43 billion in daily turnover from the beginning of the year to March 18th, 2024.
Further Insights:
Within the Investors and Exporters (I&E) window, the Naira displayed varied outcomes against major international currencies on Tuesday.
The I&E FX window recorded a high spot rate of N1626.5/$1 and a low of N1,415.00, reflecting a fluctuation of N211.5/$1.
In the parallel market, the Naira remained stable, hovering close to the N1,600 per dollar mark. Against the US dollar, there was a modest 0.50% appreciation on Tuesday, improving from the previous rate of N1,608/$1.
However, the Naira experienced a 0.25% depreciation against the pound sterling, closing at N2,025/£1 compared to the prior N2,030/£1. Against the euro, the Naira recorded a 0.29% gain, ending at N1,720/€1 from Monday’s rate of N1,725/€1.
As of March 18, 2024, the country’s foreign reserves increased by $30.04 million, totaling $34.450 billion—a marginal 0.09% rise from the preceding day’s reserves of $34.420 billion. The reserves have exhibited a positive trend for 21 days, starting from February 13, 2024.
