The Naira experienced a slight appreciation at the official market, trading at N1,431.49 to a dollar on Friday.
According to data from the FMDQ’s official trading platform, the Naira appreciated against the dollar by N21.79, or 1.5%, from its rate of N1,453.28 the day before.
But from $288.47 million on Thursday to $199.71 million on Friday, that was the overall turnover.
In the meantime, the Naira fluctuated in value against the dollar at the Investors and Exporters (I&E) window, moving between N1,468 and N1,301.
An encouraging development for the foreign exchange market was previously announced by the Central Bank of Nigeria (CBN), which announced the completion of clearing the backlog of valid foreign exchange.
“The recent overhaul and increased intervention in the FX market have bolstered confidence and facilitated Foreign Portfolio Investors (FPIs) inflows into the forex market,” according to researchers at Cordros Securities, regarding the impact of forex intervention.
Additionally, they demonstrated the resurgence of interest in the fixed-income market among overseas portfolio investors as long-end bill stop rates surpassed 20.0%.
