US dollar supply surged by 50 per cent to $248.75 million as Nigeria's currency, the Naira, continued its appreciation on Thursday at the foreign exchange market.
data showed that USD transactions increased to $248.75 million on Thursday compared to $122.18 million recorded on Tuesday. The development led to the continued appreciation of Naira, which stood at N1608.98 per US dollar compared to N1,615.94 on Wednesday. At the parallel market, the country's currency traded for an average of N1,610 per USD. This showed that the gap between the official and parallel foreign exchange markets had closed significantly.
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Naira depreciation continues against USD at Forex Market days after Binance exitThe Naira continued its depreciation against the US dollar at the close of the official foreign exchange market on Friday, days after Binance's discontinued Naira-denominated transactions. FMDQ data showed that it dropped to N1627.40 per USD on Friday from N1,602.17 on Monday. This represents a N25.23 or 1.
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USD dollar supply surges by 21% as Naira appreciates at FOREX marketThe US dollar turnover transactions surged by 21 per cent to $122.18 million as the Naira appreciated against the US dollar on Tuesday at the foreign exchange market. FMDQ data showed that USD transactions increased to $122.18 million compared to the $96.13 million recorded on Monday. The development comes as the Naira records N14.
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