As FX paparazzi started to fade, the Nigerian naira surpassed the ancient red line in the independent official market, trading at N1,234 per US dollar.
According to statistics from the FMDQ Securities Exchange, the spot rate was lifted to NGN1150 due to strong historical records, which caused the exchange rate to decrease.
According to information gathered from the FMDQ, the official naira exchange rate fell to N1,234 in the official foreign currency market on Monday. After closing Friday’s trading session at N1,169.99 per US dollar, the naira’s value fell by an additional 5.26 percent.
The value of the naira has significantly increased as of Wednesday. After surpassing Goldman Sachs’ 12-month objective, the FX spot was quoted at N1,072.74.
The local currency benefited from the apex bank’s foreign exchange injection as well as improved sentiment that the naira would strengthen.
Demand for the US dollar had been met by the supply side in the past few weeks, until lately, when the Central Bank delayed FX sales to the informal foreign exchange market, where invisible users agreed on deals.
The Naira closed at ₦1,245 to the US dollar on the parallel market, ahead of expectations that the Central Bank of Nigeria (CBN) would sell US dollars to Bureau de Change at a rate lower than the spot market.
There was a negative outcome for oil prices in the global commodity market. WTI oil saw a decrease, falling by 0.64% to $81.69 per barrel, while Brent crude saw a decrease of 0.73% to settle at $86.65 per barrel.
