Naira Reclaims Value as External Reserves, FX Liquidity Improved
The naira reclaimed value on Tuesday as US dollar volume or fx liquidity increased at the official window. The local currency gained about N3 on the dollar as demand pressure eased, with the spot fx rate closing at N1433 per dollar.
The forex market experienced a surge in liquidity balance, driven by inflows from foreign portfolio investors seeking to take positions at this week’s auction.
As results of higher demand for the greenback, the spot rate had plunged to N1436 at the Nigerian foreign exchange market in the absence of supportive FX inflows.
The official exchange rate touched an intraday high of N1442.45 per dollar during the day, while the lowest rate printed at N1430.
Supported by inflows from hydrocarbon revenue, Nigeria’s gross external reserves increased to $43.259 billion from $43.197 billion at the end of October. Oando Plc: Resilient Energy Group Faces Earnings Storm
