The Nigerian naira roared back against the US dollar in mid-week trading at the Nigerian Autonomous Foreign Exchange Market (NAFEM).... CLICK TO READ THE FULL NEWS HERE▶▶
The local currency, which depreciated to N1,592 per dollar on Tuesday, August 20, 2024, bounced back on Wednesday, August 21, 2024, trading at N1,543.84 per dollar, leaving a recovery margin of N49.
FX turnover rises
Currency traders in the official market quoted the dollar’s spot rate at a high of N1,599 and a low of N1,500, leaving a gap of almost N100 naira.
Data from the FMDQ Exchange shows that the forex turnover in the official market rose to $171.79 million.
Experts believe that the naira’s recovery was not a fluke, as events led to its rise.
Expert predict better days for the naira
According to them, the recently conducted Retail Dutch Auction System (rDAS) by the Central Bank of Nigeria (CBN) affected market sentiment and matrix.
Janet Ogochukwu, a senior economics banker, voiced optimism, saying that positive trends are propelling the naira’s recovery.
“When we look at a series of events in recent times, we can see why the naira recovered that much against the dollar.
“Remember the CBN announced the highest diaspora remittances in July to about $553 million. The market responded to that news because that much liquidity can positively affect any market,” she said.
