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Dollar Supply Turnover Surges To $296m At Forex Market As Naira Gains

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Naira Gains In Forex Market Sustainable – ABCON

The US Dollar supply turnover at the close of trading at the official foreign exchange market surged to $296.00 million on Friday as Naira appreciated.

FMDQ data showed that FX Turnover increased to $296.00 million on Friday from $217.14 million on Thursday.

This represents a 26 per cent surge in USD supply turnover from $217.1 million recorded on Thursday.

The development had led to a continued Naira appreciation, which stood at N1,548.25 per USD at the close of trading on Friday.

Meanwhile, at the parallel market, the average rate of Naira per USD stood at N1,550 on Friday.

The development comes amid the Central Bank of Nigeria revoking 4,173 Bureau De Change Operators licenses.

Hammed Tajudeen is a graduate of Osun State Polytechnic, Iree with Higher National Diploma (HND) in Mass Communication

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