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Nigeria Recovers Marginally to 1,498 Naira Per US Dollar at Official Market

Nigeria Recovers Marginally to 1,498 Naira Per US Dollar at Official Market 

On Thursday, the Nigerian naira slightly strengthened at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,498.25 per US dollar.

The rate indicates a 0.34 percent appreciation from Wednesday’s recorded figure of N1503.34.

Data from the FMDQ Securities Exchange, a platform that regulates foreign exchange (FX) trading in Nigeria, shows that the local currency reached a high of N1,607 and a low of N1,100 during intraday trading.

The local currency fell to N1,600 to the US dollar at the parallel portion of the market, a 6.31 percent decrease from the N1,505 traded on Monday.

The street market currency dealers quoted a buying price of N1,550 for the dollar and a selling price of N1,600, meaning that there was a N50 profit margin.

At the current rate, the parallel market’s value of the naira is still N101.75 more than the official market’s value.

President Bola Tinubu has requested that Nigerians allow those in charge of the nation’s foreign exchange market to handle it, even though the country is still suffering from its depreciated currency.

“If we have assigned someone a task, we must allow them to perform it. If they fail, then we must find a way to quickly remove them from the system,” he said.

On a similar note, the Central Bank of Nigeria (CBN) placed limits on the transfer of proceeds from crude exports by international oil companies (IOCs) to offshore parent company accounts.

The move comes across as part of a series of policies executed recently to control the volatility in the FX market.

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