Naira recovers after a 62.81% rise in dollar supply at the official FX market. The currency gained 0.76% to N1,608.73 per dollar. Despite this, it remains volatile due to the high demand for dollars. BDC operators call for increased CBN interventions to stabilize the market.
The Nigerian Naira showed signs of recovery after a week of declines, buoyed by a significant 62.81% increase in dollar supply at the official foreign exchange (FX) market. The Naira appreciated by 0.76%, trading at N1,608.73 against the dollar, up from N1,621.12 the previous day, as reported by FMDQ Securities Exchange Limited. The surge in dollar supply, rising to $270.81 million from $166.34 million, helped stabilize the currency, though it still faced volatility with the dollar reaching highs of N1,645 and lows of N1,399.04 during intraday trading.
Despite this improvement, the Naira remains under pressure due to the high demand for dollars, driven by individuals traveling for summer holidays and school fee payments. The Naira's recent slump to a four-month low of N1,621.12 per dollar highlighted ongoing concerns.
Bureau De Change (BDC) operators, led by Aminu Gwadabe of the Association of Bureau De Change Operators of Nigeria (ABCON), have urged the Central Bank of Nigeria (CBN) to enhance its intervention measures. Gwadabe praised recent CBN efforts but called for increased volumes and frequencies of interventions through BDCs to stabilize the retail FX market. He emphasized the need for dialogue and strong fiscal policies to address broader economic challenges facing Nigeria
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