The naira on Wednesday rebounded in the official foreign exchange (FX) market, supported by improved liquidity and rising external reserves.
Data published by the Central Bank of Nigeria (CBN) showed that the naira appreciated by 90 kobo, with the dollar quoted at N1,382.18 on Wednesday, compared to N1,383.08 on Tuesday at the Nigerian Foreign Exchange Market (NFEM).
The local currency, however, remained unchanged at N1,420 per dollar in the parallel market, also known as the black market. As a result, the gap between the official and parallel market rates narrowed slightly to N38 per dollar on Wednesday from N37 on Tuesday.
Although NFEM data for Wednesday’s deals and turnover were unavailable as of the time of reporting, market activity strengthened on July 14. The number of deals rose by 28.62 percent to 346 from 269 recorded on July 13, while total turnover increased by 11.78 percent to
This post was originally published on this site.
