The Nigerian naira further appreciated against the dollar on Tuesday, 19th December 2023, closing at N844.85/$1 at the official market.
The domestic currency appreciated 5.15% to close at N888.35/$1 to a dollar at the close of business on Tuesday, data from the NAFEM where forex is officially traded, showed.
However, the naira dropped marginally at the parallel forex market where forex is sold unofficially, the exchange rate appreciated by 0.40%, quoted at N1240/$1, while peer-to-peer traders quoted around N1197.60/$1.
The Central Bank of Nigeria (CBN) has said it has made tranche payments to 31 banks to clear the backlog of foreign exchange forward obligations.
The apex bank also disclosed that it has set up foreign exchange frameworks to address the FX issues.
The former President and Chairman governing council of, the Chartered Institute of Stockbrokers (CIS) and the Managing Director, of Arthur Steven Asset Management Limited, Mr. Olatunde Amolegbe in an exclusive chat with Nairametrics said for the exchange rate to be stable, market and participants confidence is key.
Managing Director/CEO, of Financial Derivatives Company Limited, Bismarck Rewane had said in a report that the naira is expected to remain volatile on lingering forex supply concerns.
The dollar dearth means speculative buying is likely to continue, with an increasing number of market participants taking long positions on the dollar while shorting the naira.
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