Tag: Dollar

The Naira on Thursday slightly depreciated at the official market trading at N1476.24 to the dollar.

Data from the official trading platform of the FMDQ Exchange, revealed that the Naira lost N2.58.

This represents a 0.17 per cent loss when compared to the previous trading date on Tuesday when it traded at N1,473.66 to the dollar.

Also, the volume of currency traded reduced to $92.68 million on Thursday down from $385.91 million recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between 1,500 and N1,400 against the dollar.

The Naira on Tuesday appreciated in the parallel market to N1,485 per dollar from N1,490 per dollar on Monday.

However, the Naira appreciated to N1,473.66 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,473.66 per dollar from N1,483.62 per dollar on Monday, indicating N9.96 appreciation for the Naira.

The volume of dollars traded on the window increased by 138.6 percent to $385.91 million from $161.69 million on Monday.

Consequently, the margin between the parallel market and NAFEM rates widened to N11.34 per Dollar from N6.38 per dollar on Monday.

The Naira on Friday recorded loss at the official market, trading at N1,483.99 to the Dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N2.50.

This represents a 0.16 per cent loss when compared to the previous trading date on Thursday, trading  at N1,481.49 to the Dollar.

However, the volume of currency traded increased to $269.27 million on Friday up from $213.31 million recorded on Thursday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,507.00 and N1,399.00 against the Dollar.

The Naira on Wednesday further appreciated at the official market, trading at N1,329.65 to the Dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, shows that the Naira gained N9.68.

This represents 0.72 per cent gain when compared to that of the previous trading date,  Tuesday, when it traded at N1,339.33 to the Dollar.

The volume of currency traded on Wednesday increased to $336.54 million up from $328.32 million recorded on Tuesday.

Meanwhile, at the Investors’ and Exporters’ (I&E) window, the Naira traded between N1,506.00 and N1,010.00 against the Dollar.

The Naira gained N3.31 at the official market on Tuesday, trading at N1,465.68 to the Dollar.

Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a 0.22 percent appreciation for the Naira compared to Monday’s rate of N1,468.99 to the dollar.

The volume of currency traded also increased, with the total daily turnover rising to 268.17 million Dollars on Tuesday from 161.41 million dollars on Monday.

At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,549.00 and N1,401.00 against the Dollar.

The Association of Bureau De Change Operators of Nigeria (ABCON) commended the CBN’s reforms for the Naira’s appreciation at the official market.

ABCON President, Dr Aminu Gwadabe, urged the CBN to sustain policies benefiting the local currency.

Gwadabe cited multifaceted efforts through fiscal and monetary policies, alongside security agency interventions, as key to the Naira’s recovery.

“Volatility is like runoff water; if not directed, it will direct itself. I am happy to see multiple agencies coming together to confront these challenges,” he said.

Gwadabe called for technological upgrades and collaboration among operators, regulators, the government, and security agencies.

This, he noted, was to improve control over the foreign exchange market and to establish a bylaw to mitigate volatility.

The Naira on Monday gained N28.34 at the official market, trading at N1,468.99 to the Dollar.

Data from the official trading platform of the FMDQ Exchange revealed that the gain represented a 1.89 per cent appreciation for the Naira.

The percentage increase is impressive when compared to the previous trading date on Friday, May 17, 2024 when the local currency traded at N1,497.33 to the Dollar.

Also, the volume of currency traded appreciated as the total daily turnover increased to 161.41 million dollars on Monday up from 83.50 million Dollars recorded on Friday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,550 and N1,400 against the Dollar.