In the past fortnight, the Central Bank of Nigeria and other banks have pumped $2.5 billion into the foreign exchange market. This hefty injection has bolstered the naira, pushing it to N1,309 against the US dollar.
Beyond Boders learned that official data from the FMDQ Securities Exchange shows the naira closed at N1309/$1 on Thursday, up from N1300/$1 the previous day.
Despite this rise, it remains near an eight-week low but shows resilience against the dollar. Trading halted on Friday due to a public holiday.
Meanwhile, transactions at the Nigerian Autonomous Foreign Exchange Market surged by 106%, hitting $857 million by Thursday’s close – the highest since the Central Bank’s new forex policies came into play.
This marks the largest turnover since 2021, with $760 million recorded on June 2nd, 2022.
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March saw an average daily turnover of $220 million, compared to $177 million this year.
Earlier, the CBN sold $1 billion. Forex trading data indicates an intraday high of N1392 and a low of N1250 on Thursday, reflecting market volatility.
The surge in liquidity is credited to various CBN policies, including exchange rate unification, FX market liberalization, and clearing of FX backlog for banks and airlines.
Forex turnover is crucial, reflecting the market’s activity level and economic stability.
The CBN addressed foreign currency speculation and cleared valid FX backlog, settling obligations of $1.5 billion.
At the parallel market, the naira’s value continues to rise, with the US dollar selling at N1,280, while the dollar fluctuates between N1,280 to N1,305 due to recent CBN policy adjustments on the black market.
