The report states that the FX market opened with the Nigerian naira holding steady against the US dollar at 1,120 on the parallel market, with expectations of further appreciation this week. This marks a N5 appreciation compared to the previous Friday’s closing rate of N1,125 per dollar. The naira reached a four-month high of 1,142.38 per dollar in the official FX market due to increased dollar supply. The summary of the FX auction released by the FMDQ Securities Exchange revealed a 7.72 percent gain for the naira against the dollar. Dollar supply rose significantly, with an increase of 124.08 percent to $281.34 million. However, there were fluctuations in intraday rates, with a high of N1,265 per dollar and a low of N1,100. Nigeria’s foreign currency reserves declined to US$33.4bn due to CBN interventions and draw-downs. The report also noted an increase in Brent crude oil prices and provided exchange rate movements in different market segments. Daily turnover in the NAFEM segment decreased by 44.2 percent. Analysts anticipate continued naira strength as the CBN intervenes to boost market liquidity.
“Naira Holds Steady at 1,120/$ on Black Market, Potential Upsurge Anticipated This Week”
