The supply of the Dollar and other currencies increased by
117 percent at the foreign exchange market as the Naira strengthened on Friday.
FMDQ data showed that the foreign exchange transaction
turnover, which indicates a rise in liquidity in the FX market, increased to
$190.57 million on Friday from $87.51 million on Thursday.
This represents a $103 million or 117 percent increase
compared to the $87.51 million.
The development comes as Naira gained at N1,541.52 and
N1,663 against the dollar on Friday to end the week on a good note at the
official and parallel foreign exchange.
Further week-on-week analysis showed that the Naira
appreciated slightly against the N1,546.41 and N1665 exchange rate on Friday
last week.
This comes as the Central Bank of Nigeria announced that it
would hold its 297th Monetary Policy Committee meeting next week to decide on interest
rates and other monetary policy measures.
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