Business News

Naira appreciates marginally on 93% higher FX supply on official market 

The exchange rate between the naira and dollar in the official NAFEM Window has appreciated to N1,468.99/$1 on Monday, May 20, 2024.  

This means that the week started with a 1.93% increase when compared to the  N1,497/$1 on Friday, May 17, 2024. 

It had earlier recorded a 2.5% gain from the N1,593.9/$1 recorded on Thursday, which was the weakest since March 20 this year. 

This was the second consecutive appreciation this month amid severe currency depreciations. The first one was recorded on May 3 and May 6, 2024. 

The increase in forex turnover to $161.41 million, a 93.31% rise from $83.5 million recorded on Friday, likely contributed to this appreciation.  

The sharp movements within a single trading day suggest heightened uncertainty and instability, making it challenging for businesses and investors to plan their financial activities.   

Nigeria’s foreign exchange (FX) reserves increased by approximately $535 million over the past 28 days.