RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Currencies

Naira Stable as Dollar Sales Surge by 94.46% in FX Market

Stephen Akudike by Stephen Akudike
June 5, 2024
in Currencies, Economy, Money Market, Wealth
Reading Time: 2 mins read
A A
0
Exchange Rate Conundrum: Why the Naira is Falling

Financial business themed illustration with financial numbers and US dollar symbol in blue

Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Nigerian naira demonstrated stability across various foreign exchange (FX) markets on Tuesday, despite a significant surge in dollar sales at the official market, which increased by an impressive 94.46%.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira experienced a marginal dip, closing at N1,476.95 per dollar, down slightly by 0.06% from Monday’s rate of N1,476.12. This information was provided in the market summary released by FMDQ Securities Exchange Limited.

AlsoRead

Nigerian Fintechs Shine in CNBC’s 2025 Top 300 Global Fintech List

Naira Weakens to N1,560/$1 Ahead of CBN’s 301st MPC Meeting

Nigeria’s Inflation Dips to 22.22% in June 2025, But Monthly Pressures Persist

Dollar Sales Surge

The volume of dollar transactions witnessed a significant boost, with sales climbing to $236.99 million on Tuesday, up from $121.87 million on Monday. This sharp increase underscores heightened activity and liquidity in the market, driven by both willing buyers and sellers.

Intraday Exchange Rates

According to the market summary, the highest intraday exchange rate remained steady at N1,500 per dollar. However, the lowest rate of the day saw a depreciation, closing at N1,362.15 compared to Monday’s low of N1,250 per dollar.

Parallel Market Stability

In the parallel market, also known as the black market, the naira remained stable, trading between N1,480 and N1,500 per dollar. This stability suggests that despite fluctuations in official markets, the informal sector maintained a consistent exchange rate range.

– The Trade Union Congress (TUC) president emphasized that their demand for a minimum wage of N494,000 is negotiable, indicating ongoing discussions with the government.

Implications for the Economy

The naira’s stability in the face of increased dollar sales reflects a robust performance in Nigeria’s FX market. The surge in dollar transactions points to improved liquidity, which can help in managing the demand-supply dynamics more effectively. Furthermore, the consistency in the parallel market rates indicates a balanced flow of currency between official and informal sectors, contributing to overall economic stability.

The Federal Government’s efforts to adopt CNG and clear airline funds are positive steps towards economic reform and stability. These measures, coupled with the stable FX market, could bolster investor confidence and stimulate further economic growth in the country.

Bottom Line

The Nigerian naira’s stability amidst a surge in dollar sales signifies a resilient FX market. This performance, alongside supportive government policies, highlights Nigeria’s ongoing efforts to maintain economic stability and growth. As the government continues to implement reforms and manage currency flows, the outlook for the naira and the broader economy remains cautiously optimistic.

Tags: currency stabilityDollar SalesEconomic Growthfinancial liquidityFX MarketNairaNigerian economyParallel Market
Previous Post

Germany Launches Job Portal for Skilled Nigerian Workers

Next Post

Bitcoin Breaks $71,000 Resistance, Triggering Losses for Thousands of Traders

Related News

Nigerian Fintechs Shine in CNBC’s 2025 Top 300 Global Fintech List

by Jide Omodele
July 17, 2025
0

Five Nigerian fintech companies—PalmPay, Moniepoint, OPay, PiggyVest, and Interswitch—have secured spots on CNBC and Statista’s 2025 list of the World’s...

Battered Commodity Currencies Gain Attention Amid Dollar’s Decline.

Naira Weakens to N1,560/$1 Ahead of CBN’s 301st MPC Meeting

by Stephen Akudike
July 17, 2025
0

The Nigerian naira depreciated to N1,560/$1 in the parallel market on July 17, 2025, down from N1,555/$1 earlier this week,...

Navigating Inflation Crossroads: Nigeria’s Economic Odyssey Amidst Global Trends

Nigeria’s Inflation Dips to 22.22% in June 2025, But Monthly Pressures Persist

by Stephen Akudike
July 17, 2025
0

Nigeria’s headline inflation rate fell to 22.22% in June 2025, marking a third consecutive monthly decline from 22.97% in May...

NMDPRA inaugurates oil and gas industry service permit portal.

PTML Customs Command Records N204.7 Billion Revenue in H1 2025

by Stephen Akudike
July 17, 2025
0

The Ports & Terminal Multiservices Limited (PTML) Command of the Nigeria Customs Service (NCS) reported a revenue collection of N204.7...

Next Post
BTC’s Price Rises as Market Reacts to the Fed hawkish move.

Bitcoin Breaks $71,000 Resistance, Triggering Losses for Thousands of Traders

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Nigerian Fintechs Shine in CNBC’s 2025 Top 300 Global Fintech List

July 17, 2025
Battered Commodity Currencies Gain Attention Amid Dollar’s Decline.

Naira Weakens to N1,560/$1 Ahead of CBN’s 301st MPC Meeting

July 17, 2025

Popular Story

  • 2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

    FG Takes Governors to Supreme Court Over Local Government Allocations

    0 shares
    Share 0 Tweet 0
  • Fair Money Job Opening: Regional Sales Manager

    0 shares
    Share 0 Tweet 0
  • World Debt Hits $315 Trillion: Understanding the Global Debt Crisis

    0 shares
    Share 0 Tweet 0
  • Nigeria Initiates Double Taxation Treaty Talks with Netherlands Amid Major Tax Reforms

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>