NewStats: 3,262,147 , 8,176,221 topics. Date: Sunday, 01 June 2025 at 12:08 AM 1f4f3r

In the last two weeks, the Central Bank of Nigeria and other banking institutions have improved dollar supply to the foreign exchange market by $2.5bn, making the naira strengthen to N1,309 against the United States dollar.

Official figures obtained from the FMDQ Securities Exchange revealed that the naira closed at N1309/$1 on Thursday compared to the N1300/$1 recorded a day earlier. However, it still falls within the eight week low for the Naira as it continues to gain strength against the US dollar.

Trading activities were closed on Friday due to the public holiday.

Similarly, forex transactions between willing sellers and buyers at the Nigerian Autonomous Foreign Exchange Market increased by 106 per cent to $857m at the close of trading activity on Thursday, marking the highest level since the Central Bank implemented its new forex policies.

This latest development is also the largest turnover since 2021, with the closest figure being $760 million on June 2nd, 2022.

The average daily forex turnover recorded in March has been around $220 million, while this year we have seen $177 million in daily average forex turnover.

Penultimate week, the CBN made a total sales of $1bn.

The summary of the FX trading revealed that the intraday high closed at N1392 on Thursday from N1,460 per dollar on Wednesday, The intraday low appreciated to N1,250 on Thursday as against N1,200 closed on Wednesday.

Liquidity in the forex market has been attributed to an array of policies currently implemented by the CBN.

Key reforms include the unification of exchange rate windows, liberalization of the FX market, clearance of FX backlog obligations for banks and airlines, implementation of a Price Verification System, imposition of limits on banks’ Net Open Position, removal of the daily cap of N2 billion on remunerable Standing Deposit Facility, and overhaul of the Bureau De Change segment.

Forex turnover is a critical metric in the financial world as it represents the total value of all foreign exchange transactions completed within a specific timeframe, providing insights into the liquidity and vibrancy of the forex market.

High turnover rates indicate a highly active market with numerous participants engaging in buying and selling currencies, which can signal investor confidence and economic stability.

On the official end of the market, the apex bank started by addressing suspected cases of excessive foreign currency speculation and hoarding from Nigerian banks.

The apex bank also announced the complete clearance of the valid foreign exchange backlog. They stated that they concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog.

At the parallel market, the naira has continued to appreciate as the US dollar is currently selling at N1,280 on the parallel market.

At the black market, the US dollar sold between N1,280 to N1,305 depending on who is buying and selling, following the recent foreign exchange policy measures of the Central Bank of Nigeria.

https://punchng.com/naira-closes-1309-as-banks-sell-2-5bn/?amp

ok!

Criminal politician dollar Hoarders in the mud again

I thought it was N1200...or e don dey fall again?

If Tinubu can bring the naira below N700 where he met it after he came in...he will have my respect.

If he further brings it down to the N182 it was when Jonathan left, I would defend him anywhere with my life and become a die-hard Ronuite.

But guess what...HE CAN'T!!

There's suddenly 24/7 power supply

Hehehe

Cannibals from a landlocked region of cannibalism are coming to wail again.

Everything about them is bí oò ba, o bùú lésè

🤭

I will commend Tinubu when he takes naira back to where he met it, then appreciate it from there.

Naira has lost over 100% of its previous value since Tinubu took over office.

When Tinubu took over power from Buhari, naira was N460 = $1

Today, naira is at N1,300 = $1.

As a foreign investor, it means that if you invested $1 million USD in Nigeria, your investment is now worth $500,000 USD. If you borrowed that money from your US bank, you're in trouble!

Ok. My own concern is for price of foodstuffs to come, if not, the news is useless to common man if it cannot translate to reality

Ok

Good.

Cbn magic is fading out

Nice move, but we ask for more
If the prices of things must go down, then it must go back to at least 700 naira per dollar

On behalf of all OBIdients, I hereby celebrate this good news.

They say we OBIdients don't celebrate the appreciation of the naira. BATists have been celebrating since about a month. They have been receiving ten bags of rice and prayers in their bank from senator Akpabio.

Rubbish dot com people who met naira at 200 naira and made it 2000 naira to a dollar want to force us to celebrate.


NB: BATists, please collect your palliatives rice with stampede, stop dragging OBIdients in your posts.

God bless Nigeria

Good but i taught it was responsible for the hike in cost of things in Nigeria recently but its coming down and the cost of food item such as rice is still around NGN90,000, electrical generating machine such 2.0KVA petrol generator at N389,000, etc.

We should also see ourselves as already been close to entering our dream land like overrated abroad because this is how expensive UK, USA OR Canada can be when you live there too.

Believe me we Nigeria know how to inflate price on our own, I don't know why government don't want to regulate price.

Islie:


https://punchng.com/naira-closes-1309-as-banks-sell-2-5bn/?amp

wetin e open with

Good one, but it's still high when faced with reality of things.

But things are getting higher and higher, I don't understand...

it shld appreciate further to #600 dey met it 1st abeg!

Islie:


https://punchng.com/naira-closes-1309-as-banks-sell-2-5bn/?amp

make e sha no close your bank

hopefully, this appreciation is organic and sustainable

the inflation in the country is sickening and anything to reduce it highly welcome

Triangles1:
Believe me we Nigeria know how to inflate price on our own, I don't know why government don't want to regulate price.

Let’s hope petrol/diesel price also come down the way dollar is coming down.

Idun2024:
Hehehe

Cannibals from a landlocked region of cannibalism are coming to wail again.

Everything about them is bi oo ba, o bu lese

Nigeria naira is now like NEPA like one moment up NEPA, the next moment down NEPA 😂

It'll close 1200 today, tomorrow 1400, next tomorrow 1100 and the next 1500

Wait ooo I no de too see "ebin pawa ooo" again for front page. Wetin sup bayi?

Shey these children of h8t don tire ni?

Abi which one de trend now?

From Obid!ots and useless to
Stolen manhoood to
All eyes on judiciary to
Certificate forger to ebin pawa ooo

Now I no de de hear anything again. Content don finish ni?
Make una give us content oo, cos front page don dry

Stupid, useless idiots

He should send it back to where he met it, only comedians praise failures

Military0001:



Let’s hope petrol/diesel price also come down the way dollar is coming down.

Amen my brother

Abeg make price of food just reduce. People don roast already

Fair enough

We hope & pray for the best economic indices that'll positively impact all Nigerian citizens across board

yahoodetector:
I thought it was N1200...or e don dey fall again?

If Tinubu can bring the naira below N700 where he met it after he came in...he will have my respect.

If he further brings it down to the N182 it was when Jonathan left, I would defend him anywhere with my life and become a die-hard Ronuite.

But guess what...HE CAN'T!!

YOUR RESPECT. 😆 Naira can never go back to 700. Even Canadian Dollar to American Dollar exchange rate can't fall back to what it use to be for the Canadians. Stop thinking too local.