On Monday, the foreign exchange (FX) market saw a 12.02 percent increase in dollar supply, leading to a strengthened Nigerian naira in the official market. Post-trading on Monday, the naira appreciated by 5.26 percent, with the dollar quoted at N750.14 compared to N791.75 on Friday at the Autonomous Foreign Exchange Market (NAFEM), according to data from FMDQ.

The surge in dollar supply was driven by willing buyers and sellers, resulting in a 12.02 percent rise in the daily FX market turnover to $176.75 million on Monday, up from
See more: https://naijatask.com.ng/naira-firms-at-official-market-as-dollar-supply-rises/

The is good news and we must applaud this government for this present move
It shows that investors are getting more confident in the policies of this government and their economic team
Money always go to where there is some sort of stability and I feel after the Supreme court judgment,it has provided investors a clearer picture of where the economy is heading
The sustainability of this anchored on our ability to get our Local Refineries up and functioning,latest figures release showed that refined petroleum products is what takes up close to 60% of our foreign exchange
I have always insisted that this present administration must figure out a way to see that Dangote Refinery starts operations and sell off at least two of those scrap metals called Refineries and allow serious people to either repair it or use it as scrap for steel products because the people in NNPCL will continue to import refined crude
People need to understand that that 1 barrel of crude oil will produce at least one litre of Petrol, Diesel and kerosene when refined and you can imagine the forex we save when local refining starts this year
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