Nigerian currency maintained stability against the US dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Data from FMDQ securities showed that on Tuesday, May 28, 2024, the naira closed at N1,339.33/$1, the same rate as the previous day.
This happened as the dollar supply increased significantly to $328.32 million on Tuesday, 81.6% higher than the $180.80 million recorded a day earlier, or $147.52 million.
The rise in dollar supply can be connected to the Central Bank of Nigeria (CBN) FX inflows from treasury bills and OMO bills sales.
Also, CBN data showed that in the official market, the Nigerian currency improved its value against the pound sterling by N121.85 to sell for N1,762.43/£1 compared with Tuesday’s rate of N1,884.28/£1.
It was a similar story for the naira against the euro, as it appreciated by N106.73 to settle at N1,500.58/€1, compared to the previous rate of N1,607.31/€1.
In the black market, traders who spoke to TimesNow.com.ng on Wednesday said the dollar now sells below N1,500.
Abudulahi, a BDC trader, told TimesNow.com.ng:
TimesNow.com.ng previously reported that the CBN banned street trading of foreign currencies by Bureau de Change (BDC) operators, citing the need to regulate the foreign exchange market properly.
CBN’s director of risk management, Blaise Ijebor, said street trading of foreign currencies is not allowed as the apex bank does not want BDCs under trees.
He said the traders should be in offices where customers can come in and change their currencies.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
