The Naira has risen further to 1,300.43 on the official foreign exchange (FX) as dollar supply surged by 69.43 percent on Wednesday, a day after the Central Bank of Nigeria (CBN) raised further, the key interest rates.
After trading on Wednesday, the Naira gained 6.35 percent as the dollar was quoted at N1,300.43, stronger than N1,482.95 quoted on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to the data from the FMDQ Securities Exchange.
Dollar supply by the willing sellers and willing buyers rose by 69.43 percent from $245.58 million on Tuesday to $416.10 million on Wednesday, the highest since almost two months.
The summary of the FX trading revealed that the intraday high closed at N1,460 per dollar on Wednesday, stronger than N1,486/$ closed on Tuesday. The intraday low appreciated to N1,200 on Wednesday as against N1,300 closed on Tuesday.
At the parallel market, popularly called black market, Naira closed at between N1,310 and N1,350 in Lagos. In Abuja, some traders bought at N1,300 and sold at N1,320.
With the current rate at the official and black market, the exchange rate gap closed at N9.57 on Wednesday.
