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HomeBusiness NewsNaira Surges for Fourth Straight Time Against the Dollar in Forex Market

Naira Surges for Fourth Straight Time Against the Dollar in Forex Market

The foreign currency market has witnessed the Naira’s fourth straight appreciation versus the US dollar.

According to FMDQ statistics, the value of the Naira increased from N1465.68 per dollar on Tuesday to N1462.59 on Wednesday.

When compared to the Tuesday transaction price of N1465.68 per dollar, this indicates a 3.09 gain.

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As a result, since last Friday, Nigeria’s currency has increased four times in a row.

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In the meanwhile, the parallel market maintained the Naira’s trading rate of N1450 per US dollar.

The volatility of the Naira in the foreign exchange market due to seasonal demand hikes was mentioned by CBN governor Olayemi Cardoso during the 295th Monetary Policy Committee Meeting.

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“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand. This reflects the interplay between demand and supply, a freely functioning market system,” Cardoso said.

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The apex published a new directive on Wednesday asking Bureau De Change businesses to reapply for licensing. [CONTINUE READING HERE]

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