Saturday, July 13, 2024

Naira rebounds as dollar supply hits $7bn in two months

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Dollar supply in the official foreign exchange market reached a substantial sum of $7.3bn in the months of March and April, findings have shown.

This is as the naira rebounded against the United States dollar to N1,390 per dollar at the official market and steadied at 1,340/$ at the parallel market, popularly called the black market on Monday.

According to data sourced from the FMDQ Security Exchange, forex sales data showed that there was improved liquidity in the market as $4.7bn transaction was sold in March.

However, FX sales reduced by 51 per cent month-on-month to $2.5bn coinciding with the observed naira depreciation in April.

Bureau De Change operators at Wuse Zone 4 said they bought at N1,310 and sold at N1,340 leaving a profit margin of N30.

This means the rate remained at the amount quoted on Monday.

Malam Yahu, a trader said, “The naira remained as it was on Monday, trading at N1,340. We buy at N1, 310 and our profit is just N30. Nothing really caused the stagnant rate. That’s just how the market went today. We wait to see what tomorrow and next.”

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