The Naira is gaining strength against the US Dollar as the federal government takes steps to clear outstanding debts.
In October, the Foreign Exchange market saw a substantial turnover of $2.23 billion.
Both the parallel and official markets saw the Naira’s resurgence as the Central Bank of Nigeria (CBN) reportedly allocated $6.7 billion to assist banks in settling their outstanding debts.
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The volume of US Dollars traded in the Nigerian Foreign Exchange Market (NAFEM) window surged by 23.8% on a monthly basis, reaching $2.23 billion in October 2023, compared to $1.8 billion in September, indicating a notable increase in Forex inflows.
Data reveals that weekly transactions in the official NAFEM exhibited an upward trend throughout October, with turnover rising from $326.44 million in the first week to $642.89 million in the last week, before declining to $163.04 million in the last two trading days of the month.
