Naira Sees Large Daily Gain as FX Pressure Eases

The Nigerian naira saw a large daily gain in the official window as foreign currency liquidity challenge eased. According to data from FMDQ Securities, which shows the official exchange rate, the naira appreciated by 9.68%.

The local currency exchange rate cleared at ₦1,339.33 per US dollar on Monday for eligible transactions conducted via the Nigerian autonomous foreign exchange market.

However, the parallel market saw the naira weaken by 0.40%, ending at N1,500 per US dollar, as the market anticipates that the Central Bank of Nigeria, CBN, will sell FX to Bureaux de Change operators (BDCs) to strengthen the naira.

According to data from the FMDQ platform, total daily turnover decreased to $180.80 million on Monday, down from $556.25 million recorded on Friday.

In the global commodity market, West Texas Intermediate (WTI) crude futures and Brent crude prices were at $78 and $83 per barrel ahead of OPEC+ meeting this week. #Naira Sees Large Daily Gain as FX Pressure Eases

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