The naira made a marginal recovery in the official market on Tuesday, August 27, 2024. The official naira exchange rate, which opened the week with a loss, regained about N2 in the official market following a $7.39 billion surge in turnover in July 2024.

FX turnover improves in the official market

Data from the FMDQ Exchange shows that the naira gained about N2, trading at N1,594 per dollar, as opposed to the N1,596.06 it traded the previous day.

Willing buyers and willing sellers quoted the spot dollar rate at a high of N1,612 per dollar and a low of N1,505. The foreign exchange turnover improved to $156.94 million, compared to $102.93 million recorded the previous day.

Naira crashes in the parallel market

In the parallel segment of the FX market, the naira crashed to N1,620 per dollar following a surge in demand by importers and others seeking FX.

Abbas Yishau, a black market trader on the Ogba axis of Lagos, told Legit.ng that the traders are battling shortages and can barely meet the demands.

“Many people cannot go to official channels such as banks because of the many requirements of obtaining FX. They come to us to buy dollars. This caused a spike in the exchange rates.

The development is why the dollar is very expensive in the market now. Also, it is very scarce.”