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Econony

US Dollar Supply Surges By 51% In Forex Market As Naira Records Gain

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The US Dollar supply turnover at Wednesday’s official foreign exchange market surged by 51 per cent to $240.72 million as the Naira recorded marginal gains.

FMDQ data showed that FX Turnover increased to $240.72 million on Wednesday from $117.32 million on Tuesday.

The figure represented a $123.4 million FX turnover increase at the close of trade on Wednesday.

The development led to the appreciation of the Naira to N1,542.58 per US dollar on Wednesday from 1,551.24 on Tuesday.

DAILY POST gathered that this is the second time the nation’s currency has appreciated against the US dollar at the official foreign market since last Thursday.

DAILY POST recalls that the turnover of US Dollar supply at Tuesday’s official foreign exchange market surged by 76.61 per cent to $117.32 million as the Naira appreciated.

However, at the parallel market, the Naira dropped N1,860 per US dollar on Wednesday from N1,740.00 on Tuesday.

Meanwhile, at Binance, a P2P market, Naira appreciated N1,608 per US dollar on Wednesday from N1,936 on Tuesday, amid reported access restrictions in Nigeria.

The development came days after operatives of the Economic and Financial Crime Commission, EFCC, raided illegal Bureau De Change operators in Abuja, Lagos, Kano and Oyo states.

DAILY POST recalls that in the past weeks, the Central Bank of Nigeria, CBN, has rolled out several policies to checkmate the continued fluctuations of the Naira in the FX market.

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Econony

SEE States With Highest And Lowest Food Price Inflation Rates In Nigeria For March 2024

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The lastest data released by the National Bureau of Statistics (NBS), has unveiled states in Nigeria with the highest and lowest food inflation rates.

The data released on Monday by the NBS, are for the month of March 2024.

According to the NBS, the states with the highest food inflation rates are:

Abia (5.17%)

Cross River (5.14%)

Bayelsa (4.75%)

Those with the lowest food inflation rates are:

Borno (1.59%)

Yobe (2.08%)

Adamawa (2.12%)

Meanwhile, Nigeria’s inflation rate has increased to 33.2% for the month of March 2024 according to the latest data released on Monday by the National Bureau of Statistics (NBS).

The new figure represents a 1.5% increase from the 32.7% recorded in February 2024.

The NBS data shows that on a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. This shows that the headline inflation rate (year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).

Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%). This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.

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Econony

JUST IN: Inflation Rises to 33.20% in March

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The National Bureau of Statistics (NBS) Monday, April 15, has said that inflation rate increased from 31.70% in February 2024 to 33.20% in March 2024.

According to the Bureau in its Consumer Price Index (CPI) and Inflation Report March 2024, inflation rose by 1.50% point compared to the previous month.

NBS said: “In March 2024, the headline inflation rate increased to 33.20% relative to the February 2024 headline inflation rate which was 31.70%.

“Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.”

The document said on a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. This shows that the headline inflation rate (year-on-year basis) increased in March 2024 when compared to the same month in the preceding year (i.e., March 2023).

NBS further noted that on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%).

The Bureau explained this means that in March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.

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Econony

SEE Black Market Dollar To Naira Exchange Rate Today – April 15, 2024

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The exchange rate for the dollar to the Naira in the black market, also known as the parallel market, stands at N1135 for buying and N1140 for selling as of Sunday, April 14, 2024. These rates were reported by sources at Bureau De Change (BDC) in Lagos.

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to conduct foreign exchange transactions through authorized banks.

Buying Rate: N1135
Selling Rate: N1140
Meanwhile, the CBN’s official rates for the dollar to the Naira today are:

Buying Rate: N1237
Selling Rate: N1238
Please be aware that actual rates may vary depending on where you conduct your forex transactions, as prices are subject to change.

Optimistic Forecast for Naira: In a recent forecast by Goldman Sachs Group Inc., it is anticipated that the Nigerian currency, the Naira, could significantly strengthen, potentially trading below ₦1,000 to the dollar in the near future. This outlook follows an earlier projection by Goldman Sachs on March 10, which predicted the Naira reaching ₦1,200 per dollar within the next twelve months.

Andrew Matheny, an economist at Goldman Sachs, expressed optimism during an interview with Bloomberg, suggesting that the Naira might surpass earlier expectations by trading even lower than the projected ₦1,200 against the dollar. He indicated the possibility of the Naira trading below ₦1,000 in the foreseeable future.

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