Naira Appreciates to N1457.96 as Dollar Supply Remains Healthy
Trading strong week on week, the naira climbed to N1457 at the official currency market as sufficient US dollar volume suppressed demand pressure.
According to updated daily FX data released by the Central Bank of Nigeria (CBN), the naira appreciated by 0.17% to close at ₦1,457.96/$.
The spot rate touched intraday high of N1463, from N1464 the previous day. This mild gain of N1 for intraday high transactions suggests that in spite of high dollar demand, the supply side was more than enough to supress pressure.
The spot rate appreciated from N1475 at the beginning of the week and closed at N1457, supported by flood of FX inflows at the official window.
Meanwhile, the naira depreciated by 0.37% to ₦1,491/$ in the parallel market, reflecting divergent demand dynamics for the local currency across both segments. #Naira Appreciates to N1457.96 as Dollar Supply Remains Healthy Fidelity Bank Shareholders Wealth Rises by 125% Ahead of Next Capital Raise
