The Nigerian Naira ended the week on a high note, gaining strength against the US Dollar on Friday, September 20, 2024.
According to FMDQ data, the foreign exchange market witnessed a significant 117% increase in dollar supply, jumping from $87.51 million to $190.57 million.
This surge in liquidity boosted the Naira’s value, with the currency trading at N1,541.52 and N1,663 against the dollar at the official and parallel foreign exchange markets, respectively. Compared to the previous week, the Naira appreciated slightly against the N1,546.41 and N1,665 exchange rate.
*Key Highlights:*
– _117% Increase in Forex Supply_: Dollar supply surged from $87.51 million to $190.57 million
– _Naira Appreciation_: Naira gained against the dollar at official and parallel markets
– _Upcoming Monetary Policy Committee Meeting_: Central Bank of Nigeria to decide on interest rates and monetary policy measures
The Central Bank of Nigeria’s efforts to stabilize the foreign exchange market appear to be yielding positive results. The bank’s planned 297th Monetary Policy Committee meeting next week will focus on interest rates and other monetary policy measures.
As the Naira continues to gain strength, experts remain optimistic about the country’s economic prospects. The increased forex supply and appreciation of the Naira are expected to boost investor confidence and promote economic growth.
