USD supply surges by 50% as Naira continues appreciation at FOREX market

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.

FMDQ 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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In a Circular issued on Thursday, the CBN had barred commercial banks from profiting from forex revaluation.

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