The naira appreciated marginally in opposition to the US greenback on Tuesday, appreciating to N1,499/from an all-time low of N1,534/$ on the official Nigerian Autonomous Forex Market.
Which means that the naira appreciated by 2.3 % or N35, in accordance with FMDQ Change, a platform that publishes official foreign money buying and selling within the nation.
The naira has depreciated following the abolition of gasoline subsidies and the unification of the international trade market by President Bola Tinubu. The native unit weakened from N464.67/$ in Might 2023 to N1,490 within the official market in February 2024. Throughout the identical interval, the native foreign money fell from N763/$ to N1,470/$ within the parallel market.
On Monday, the naira hit a brand new low of N1,534/$, a couple of weeks after hitting N1,099.05/$ on December 8. The naira additionally fell to an all-time low of N1,348.63/$ on January 30, 2024. .
On the parallel market, the naira maintained its upward rise from N1,503 to N1,530 as closing price on Monday.
Forex merchants in Abuja, often known as operators of Bureau De Change, knowledgeable The PUNCH that the greenback opened at a price of N1,509/$ and bought at N1,515/$ throughout intraday buying and selling earlier than closing at N1,530 /greenback. .
Explaining the state of affairs, Ibrahim Taura, a BDC operator in Wuse, Abuja, mentioned: “We began right this moment’s buying and selling at N1,509/$ however the price closed at N1,530/$.”
He additional said that prime rates of interest had not slowed down market gross sales, noting that demand for the greenback was nonetheless growing.
One other BDC, Nuhu Zakari, mentioned on the Abuja airport that he purchased the greenback for N1,525.
In the meantime, greenback gross sales by banks fell considerably by 54.2 %, from $253.77 million on Friday to $116.11 million on Monday, in accordance with the newest gross sales knowledge from the FMDG.
Final week, industrial banks bought a complete of $1.97 billion in a single week.
