Are you, one of the many Nigerians saddened by the news of the naira crashing in the FX market? Then you must be happy to hear that the currency value is rising again.
The naira regained about 5.93% value against the dollar in the FX market to end the week on a high note.
Nigeria’s local currency opened in the foreign exchange (FX) section of the parallel market with a gain of 5.93% on Monday.
Have You Read: Black Market: Naira Crashes By 3.17% To ₦1,300 Against Dollar
The naira is exchanged with the dollar at the rate of ₦1,350, in the parallel market, popularly called the black market.
As of Monday, April 29, 2024, the naira exchanged at ₦1,350 as against ₦1,430 it last exchanged in the market.
The local currency’s appreciation can be attributed to moderation in the demand for the scarce greenback.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira depreciated by 2.24%.
This is because the dollar was quoted at ₦1,339.23 on Friday compared to ₦1,309.88/$1 it quoted on Thursday last week.
Data released by FMDQ Securities made this known.
The intraday high closed at ₦1,410 per dollar on Friday, is stronger than ₦1,435 closed on Thursday.
Also, the intraday low appreciated to ₦1,051 per dollar on Friday, from ₦1,100/$1 quoted on the spot trading on Thursday.
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Dollar supplied by the willing buyers and willing sellers declined marginally by 2.85% to $309.01 million on Friday from $318.08 million recorded on Thursday.
