The Naira appreciated against the US Dollar by 3.6 per cent or N29.30 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, November 1, despite a continued liquidity crisis.
Data showed that the exchange rate of the local currency in the official market closed at N786.02/$1 compared with the preceding day’s N815.32/$1.
the supply of forex into the spot market improved during the midweek session by 41.8 per cent or $31.25 million, as the FX trades stood at $105.98 million versus the $74.73 million achieved a day earlier, according to data from the FMDQ Securities Exchange.
Also, in the Peer-to-Peer (P2P) segment of the FX market, the value of the Nigerian currency improved against the greenback yesterday by N8 to sell at N1,133/$1 compared with the preceding day’s N1,141/$1.
Similarly, in the parallel market, the domestic currency appreciated against the American currency yesterday by N10 to quote at N1,160/$1 compared with Tuesday’s exchange rate of N1,170/$1..…CONTINUE.FULL.READING>>>