Market News

Naira trades flat on black market as dollar liquidity improves - BUSINESSDAY

JUNE 20, 2024

The naira, Nigeria’s currency on Wednesday traded flat at N1,490 on the parallel market, popularly called the black market, following improved dollar liquidity in the foreign exchange (FX) market.

When compared to last week’s rate of N1,495, the naira recorded a marginal gain of 0.33 percent per dollar on the black market.

A total of $5.95 billion from the World Bank and Afreximbank entered into the Nigerian economy, helping to strengthen Nigeria’s external reserves and the naira.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira closed flat on Friday, gaining marginally by 0.06 percent as the dollar was quoted at N1,482.72 on Friday as against N1,483.62 closed on June 10, 2024, according to the data obtained from the FMDQ Securities Exchange Limited.

The dollar supply by willing buyers and willing sellers increased by 13.47 percent to $183.47 million on Friday, June 15, 2024 from $161.69 million as of June 10, 2024, according to data from the FMDQ Securities Exchange Limited.

Nigeria‘s foreign currency reserves have risen by 2.19 percent month-on-month, following streams of dollar inflows from international financial institutions.

Data from the Central Bank of Nigeria (CBN) revealed that external reserves grew to $33.159 billion as of June 11, 2024 from $32.447 billion in May 10, 2024.


This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics