Naira appreciation: Dollar supply surges by 93% at official forex market


US Dollar supply surged to 93 per cent at the official foreign exchange market amid Naira’s gain.

FMDQ data showed that the turnover of forex transactions increased to $161.41 million on Monday from $83.5 million recorded on Friday last week.

This development led to continued appreciation on Monday, when it stood at N1468.99 per Dollar, down from N1497.33 traded on Friday.

Nigeria’s foreign exchange (FX) reserves increased by approximately $535 million in the past weeks.

FX reserves rose from $32.107 billion on April 19, 2024, to $32.642 billion by May 16, 2024

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