Naira Appreciates 0.16% at Official FX Market

Oct. 11, 2024 - Business Post Nigeria

By Adedapo AdesanyaThe value of the Naira improved against the US Dollar on Thursday, October 10 by 0.16 per cent or N2.

56 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to exchange at N1,622.57/$1, in contrast to Wednesday’s closing price of N1,625.

13/$1. The appreciation recorded on the trading day at the official FX market happened despite a decline in the supply of forex to the market.

ADVERTISEMENTData from the FMDQ Securities Exchange indicated that the turnover went down by $25.04 million or 14.

7 per cent to $145.56 million from the $170.

60 million recorded a day earlier. Also, the Naira depreciated against the US Dollar in the parallel market on Thursday by N5 to quote at N1,695/$1 compared with the N1,690/$1 it was traded in the preceding trading session.

Also, the US Securities and Exchange Commission (SEC) sued major digital asset market maker Cumberland DRW, raising concerns once again about the challenging regulatory environment for U.S.

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