SAT APRIL 13 2024-theGBJournal| The naira further appreciated by 9.5% to NGN1,142.38/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM) at the close of trading Friday, as Central Bank of Nigeria’s (CBN) strategic intervention in the FX market strengthens confidence.
The total turnover (as of 08 April 2024) at the NAFEM decreased by 86.3% WTD to USD125.55 million, with trades consummated within the N1,200.00 – N1,261.00/USD band.
In the Forwards market, the naira rate recorded increase on the 1-month (+5.4% to N1,212.79/USD), 3-month (+4.3% to N1,248.89/USD), 6-month (+4.2% to N1,304.74/USD) and 1-year (+5.3% to N1,404.46/USD) contracts.
Barring any immediate shock, the naira is expected to remain stable, supported by improved FX liquidity conditions due to sustained inflows from Foreign Portfolio Investments (FPIs) and reduced speculation activities.
Meanwhile, Nigeria’s FX reserve was unchanged at USD33.36 billion (as of 05 April).
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