Naira Appreciates Further at Official Market.
The naira strengthened further at both the official and foreign exchange (FX) markets following the sale of $876 million through the retail Dutch auction system by the Central Bank of Nigeria (CBN).
On Thursday, the naira appreciated by 0.18%, with the dollar being quoted at N1,593.62 at the Nigerian Autonomous Foreign Exchange Market (NAFEM), up from N1,596.52 the previous day, according to data from FMDQ Securities Exchange Limited. The supply of dollars by willing buyers and sellers also surged by 51.18%, reaching $141.99 million compared to $93.92 million on Wednesday.
In the parallel market, commonly referred to as the black market, the naira also gained ground, with the dollar falling to N1,595, representing a 0.94% gain from the morning rate of N1,610. Compared to Wednesday’s rate of N1,620, the naira saw a 1.57% increase, or N25, in value.
The CBN’s auction, concluded on August 7, 2024, where $876 million was offered to meet customer demands, reflects the apex bank’s commitment to maintaining liquidity and transparency in the FX market. The introduction of the Retail Dutch Auction System (RDAS) aims to provide more transparent access to foreign exchange, supporting market price discovery and complementing existing liquidity-enhancing measures.
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