Naira Value Improves, Touches N1445 Briefly at Official Window
The naira recorded another daily gain against the US dollar in the absence of significant FX pressure at the official currency market on Tuesday.
Updated daily FX data revealed that the naira appreciated by 0.32% to close at ₦1,448.21/$ at the Nigerian foreign exchange market from ₦1,452.79/$ the previous day.
As growing naira bull predictions begin to echo loud, the local currency also gained 0.03% to ₦1,491/$ in the parallel market, reflecting improved demand for the local currency across both segments.
FX trading data obtained from the Central Bank of Nigeria (CBN) signalled an absence of FX pressure, with the naira touching an intraday high of N1456 while some FX payments were closed at N1445 per dollar.
The currency market witnessed a flood of FX inflows, driven by foreign portfolio investors seeking to take positions in Nigerian financial markets. The US dollar at the supply side reached $1.37 billion, up by 25% week on week.
Nigeria’s FX receipt from an improved oil output has continued to help the nation’s external reserve accretion. Meanwhile, data showed that gross external reserves stagnated at $42.865 billion at the last check on Tuesday. #Naira Value Improves, Touches N1445 Briefly at Official Window Dangote Cement Jumps by 11%, Reaches Highest Value in 52 Weeks
