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After the close of capital market on Tuesday, the data from Financial Market Dealers Quote (FMDQ) showed that Nigeria’s currency, Naira gained significantly against the United State’s Dollar.
The Naira Tuesday recorded marginal appreciation in the Investors & Exporters (I&E) window as the volume of dollars traded declined to $100.29 million.
Data from Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window, known as Nigeria Autonomous Foreign Exchange (NAFEX), dropped to N359.6 per dollar yesterday from N360 per dollar on Monday, indicating four kobo appreciation for the naira.
However, the volume of dollars declined by 39 per cent to $100.29 million from $165.29 million on Monday. But the naira remained stable at N370 per dollar in the parallel market.
The Central Bank of Nigeria (CBN) on Monday offered 195 million dollars in three segments of the Foreign Exchange Market (Forex) to boost liquidity in the operation.
Mr Isaac Okorafor, CBN’s Acting Director, Corporate Communications Department, said this in a statement in Abuja.
Okorafor said that in the wholesale segment of the inter-bank Foreign Exchange market, it auctioned 100 million dollars and also intervened in the Small and Medium Enterprises (SMEs) with 50 million dollars.
He said the bank also offered the invisible segments, with 45 million dollars, adding that the bank had kept fate with its resolve to ensure that there was sustained liquidity in the market following pressures on the market from those seeking forex for school fees and vacations.
He stated that the bank would also ensure that genuine requests for FOREX were met, as well as improved liquidity and flexibility in the market.
Meanwhile, below are the Foreign Exchange Rates as shared by Zenith Bank via The Guardian.
- Dollar To Naira Exchange Rate Today 19 May 2017
- Naira To Dollar Exchange Rate Today 15 June 2017
- Dollar To Naira Exchange Rate Today 9 May 2017
- Naira Appreciates To N366.5/$ In NAFEX | Naira To Dollar Exchange Rate 11th August 2017
- Dollar To Naira Exchange Rate Today 25th July 2017
- Dollar To Naira Exchange Rate Today 18th May 2017 At Parallel Market
- Central Bank Of Nigeria Pumps $240m Into FX Market Ahead Of Eid-ul-fitr
- Dollar To Naira Exchange Rate Today 10th July 2017
- Dollar To Naira Exchange Rate Today 20 April 2017
- Current Exchange Rate Of Dollar To Naira Today 22nd September 2017