Market News

FX turnover surges by 81.59% as Naira stays at $1339 against Dollar - DAILY POST

MAY 29, 2024

Foreign exchange turnover increased by 81.59 per cent to $328 million as the Naira maintained its N1339.33 per dollar appreciation mark against the Dollar at the official forex market.

FMDQ data showed that FX transactions turnover rose to $328.32 million at the close of trading on Tuesday from $180.80 million the previous day.

The development signaled renewed activity and demand in the foreign currency market.

Meanwhile, at the parallel market section, the Naira appreciated to N1500 per dollar on Tuesday from N1520 the previous day.

Experts have attributed the Naira’s strengthening against other currencies to the Central Bank of Nigeria’s intervention in the foreign exchange market.

CBN governor, Olayemi Cardoso in its 295th Monetary Policy Committee blamed the persistent FX crisis on seasonal fluctuations.


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