At the Nigeria Autonomous Foreign Exchange Market on Friday, dollar sales by Deposit Money Banks and other entities fell by $252 million to $84.1 million.
Compared to the $331.1 million in transactions that were registered at the official Nigeria Autonomous Foreign Exchange Market on Thursday, this signifies a 74% decrease.
In the meantime, the value of the naira dropped from N1,498/$ at the official market’s closing of trading on Thursday to N1,537/$ on Friday.
According to an analysis of data from FMDQ Security Exchange, FX turnover fell from $336.11 million on Thursday to $84.10 million on Friday, a 74% decrease. But in addition to commercial banks, NAFEM also sees the sale of dollars by the Central Bank of Nigeria, oil companies, and global corporations.
Due to a consistent demand for the US dollar, the naira lost value on Friday at the parallel market, falling to N1,670 from N1,600 on Thursday.
According to additional analysis for the week that ended, the supply began the week at a low of $116.11 million; on Tuesday, it rose by $292.3 million to $381.92 million, but on Wednesday, it fell to $117.87 million. The supply reached $336.11 million on Thursday.
Currency dealers predict that the demand for the US dollar may not decrease anytime soon.