Forex turnover recorded a significant increase of 202.97% to peg at $271.50 million as Naira gains against the dollar in the official market on Tuesday.
Gatekeepers News reports that Naira had plunged to an all-time low of N1,534.39 per dollar at the official market and N1517/$1 at the black market on Monday. This was accompanied by a staggering 64.69% drop in forex turnover, falling to $89.61 million despite various policies implemented by the Central Bank of Nigeria (CBN) to strengthen forex supply.
On Tuesday, Naira managed to appreciate by 2.36%, closing at N1499.07 to a dollar according to figures released by the Nigerian Autonomous Foreign Exchange Market (NAFEM), where forex transactions are officially conducted.
This represents an N35.32 loss or a 2.36% decrease in the local currency compared to the N1534.39 it closed at on the previous day.
The intraday high recorded was N1550/$1, while the intraday low was N1,000/$1, representing a wide spread of N550/$1, the same as what was recorded the previous day.
According to data obtained from the official NAFEM window, forex turnover at the close of trading was $271.50 million, representing a 202.97% increase compared to the previous day.
The recent rise in forex turnover was on the back of the Central Bank of Nigeria’s (CBN) recent circular to address suspected cases of excessive foreign currency speculation and hoarding from Nigerian banks.
Similarly, the naira depreciated marginally at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,517/$1, a decrease of 1.78% against N1,490 it closed the previous day.
The Great British Pound (GBP) depreciated marginally by 0.53% to close at £1/N1,895 as against £1/N1,885 the previous day while Naira also dropped against the Euro by 1.56% to close at N1600/EUR1 against NI595 / EUR1 reported the previous day.
In the cryptocurrency market where forex is sold using stablecoins, the Naira also crossed N1,549.13/$1.
Naira has lost about 68% of its value, marking a profound downturn since the implementation of the foreign exchange unification policy, according to data from Nairalytics.
