The naira gained marginally in opposition to the US greenback on Tuesday, appreciating to N1,499/ from an all-time low of N1,534/$ on the official Nigerian Autonomous Overseas Trade Market.
This implies the naira gained by 2.3 per cent or N35, in keeping with FMDQ Trade, a platform that publishes official international trade buying and selling within the nation.
The naira has depreciated following the removing of gas subsidy and the unification of the trade price market by President Bola Tinubu. The native unit weakened from N464.67/$ in Could 2023 to N1,490 on the official market in February, 2024. Throughout the identical interval, the native foreign money fell from N763/$ to N1470/$ on the parallel market.
On Monday, the naira hit a brand new low of N1,534/$, a couple of weeks after hitting N1,099.05/$ on December 8. It additionally fell to an all-time low of N1,348.63/$ on January 30, 2024.
On the parallel market, the naira maintained its upward surge from N1,503 to N1,530 as closing charges on Monday.
Foreign money merchants in Abuja, also called Bureau De Change operators, knowledgeable The PUNCH that the greenback opened on the price of N1,509/$ and offered at N1,515/$ throughout intra-day buying and selling earlier than closing at N1,530/greenback.
Ibrahim Taura, a BDC operator in Wuse, Abuja, whereas explaining the scenario, stated, “We began immediately’s commerce at N1,509/$ however the price closed at N1,530/$.”
He additional said that the excessive price had not slowed down market gross sales, noting demand for the buck was nonetheless rising.
One other BDC, Nuhu Zakari, on the Abuja airport, stated he purchased the greenback at N1,525.
In the meantime, greenback gross sales by banks dropped considerably by 54.2 per cent from $253.77 million on Friday to $116.11 million on Monday, in keeping with the most recent gross sales knowledge by the FMDG.
Final week, business banks offered a complete of $1.97 billion in a single week.