Naira Appreciates Against Dollar

The Nigerian Naira has experienced a slight appreciation at the official market, trading at N1,431.49 to a dollar on Friday, up 1.5% from the previous day’s rate, according to data from FMDQ.

However, the total turnover decreased to $199.71 million on Friday, compared to $288.47 million recorded on Thursday.

At the Investor’s and Exporters, I&E, window, the Naira traded between N1,468 and N1,301 against the dollar.

Researchers at Cordros Securities said the increased intervention in the FX market has bolstered confidence and facilitated Foreign Portfolio Investors, FPIs, inflows into the forex market, leading to renewed interest from foreign portfolio investors in the fixed-income market.

They also highlighted renewed interest from foreign portfolio investors in the fixed-income market, as stop rates on the long-end bills rose above 20.0 per cent.

Recall that the Central Bank of Nigeria, CBN had earlier announced the completion of clearance of the valid foreign exchange backlog, signalling a positive development in the forex market