{"id":25244,"date":"2024-04-03T07:03:32","date_gmt":"2024-04-03T07:03:32","guid":{"rendered":"https:\/\/nigerdeltanews.ng\/naira-appreciation-fx-transactions-surge-with-1bn-single-day-trade\/"},"modified":"2024-04-03T07:03:32","modified_gmt":"2024-04-03T07:03:32","slug":"naira-appreciation-fx-transactions-surge-with-1bn-single-day-trade","status":"publish","type":"post","link":"https:\/\/nigerdeltanews.ng\/naira-appreciation-fx-transactions-surge-with-1bn-single-day-trade\/","title":{"rendered":"Naira appreciation: FX transactions surge with $1bn single-day trade"},"content":{"rendered":"<div>\n<p>Turnover at Nigeria\u2019s foreign exchange market surged to the highest in a single day since 2017 on Tuesday amid Naira\u2019s continued appreciation against the US dollar.<\/p>\n<p>Data from FMDQ showed that turnover FX transactions increased to $1.085 billion on Tuesday.<\/p>\n<p>This represents a 27 per cent increase from $857.78 million traded last Thursday.<\/p>\n<p>The development comes as the Naira appreciated against the dollar at the official and parallel foreign exchange markets.<\/p>\n<p>Tajudeen Ibrahim, director of research and strategy at Lagos-based investment bank Chapel Hill Denham, attributed the sustained gains in Naira at the forex market to Central Bank of Nigeria\u2019s reforms.<\/p>\n<p>\u201cLiquidity is returning to the market, and that\u2019s solely down to the CBN\u2019s reforms.<\/p>\n<p>\u201cThe last time we recorded the average daily FX trades in the first quarter of this year was before COVID in 2019.<\/p>\n<p>\u201cThe CBN must now stay the course of the reforms,\u201d he added.<\/p>\n<p>Naira appreciation: FX transactions surge with $1bn single-day trade<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Turnover at Nigeria\u2019s foreign exchange market surged to the highest in a single day since 2017 on Tuesday amid Naira\u2019s&hellip;<\/p>\n","protected":false},"author":1,"featured_media":25245,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4161,12971,15],"tags":[12972,519,943,180],"class_list":["post-25244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-naira-appreciation","category-news","tag-appreciation","tag-business","tag-naira","tag-news"],"_links":{"self":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/posts\/25244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/comments?post=25244"}],"version-history":[{"count":0,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/posts\/25244\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/media\/25245"}],"wp:attachment":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/media?parent=25244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/categories?post=25244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/tags?post=25244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}