Daily Trade in Dollar Rises by 117%

The supply of the Dollar and other currencies increased by 117% at the foreign exchange market as the Naira strengthened on Friday.

Data obtained from FMDQ on Friday showed that the foreign exchange transaction turnover, which indicates a rise in liquidity in the FX market, increased to $190.57 million on Friday from $87.51 million on Thursday.

This represents a whopping $103 million or 117% increase compared to the $87.51 million the previous day.

The development came as Naira gained at N1,541.52 and N1,663 against the dollar the same day to close the week on a good note at the official and parallel foreign exchange.

Further week-on-week analysis showed that the Naira appreciated slightly against the N1,546.41 and N1665 exchange rate on Friday last week.

The development arose amidst expectations from the Central Bank of Nigeria’s forthcoming 297th Monetary Policy Committee (MPC) meeting scheduled for next week to decide on interest rates and other monetary policy measures.