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USD dollar supply surges by 21% as Naira appreciates at FOREX market

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The 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.

58, traded at N1,603.38 per USD on Tuesday, up from the N1,617.96 figure on Monday. The Central Bank of Nigeria data showed that the foreign reserve stood at $34.33 billion as of 11th March 2024 against $34.11 billion posted on 7th March.

recalls that the Economist Intelligence Unit had advised the Nigerian government to consider foreign loans to solve liquidity challenges facing its FX market.

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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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