Naira Appreciates at Official Market

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>>>

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JOLOWO BUNALAYEFA PIUS is the Chief Executive Officer (CEO) for BUNADY NEWSLITE GLOBAL ENTERPRISE ( He started his Blogging/Journalism career at God's Own Wireless Company 2012. He's a graduate of Adekunle Ajasin University Akungba Akoko Ondo State, with a major in History And International Studies. You can contact him for press events, advertisement promotions on Email:

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