The Nigerian naira has regained value, appreciating by 0.07% to close at N1,600.00 per US dollar in the official market. This uptick is attributed to improved US dollar liquidity and reduced demand for foreign currency. The naira’s rebound comes ahead of the automated FX trading platform test run scheduled for November.
In contrast, the parallel market saw the naira weaken to ₦1,730 against the US dollar due to high demand for invisible FX payments and tight supply. However, official market data from the FMDQ platform showed a daily gain of N1.20, with the naira trading at N1,600 to the US dollar.
The total daily turnover in the foreign exchange market increased to $284.93 million on Friday, up from $230.99 million on Thursday. At the Investor’s and Exporter’s (I&E) window, the naira traded between N1,682 and N1,589.82 against the dollar. The upcoming automated FX platform test run is expected to further stabilize the foreign exchange market.
