Dollar supply rises to $11bn, naira closes 1,572/$

Forex turnover at the official foreign exchange market has increased to $11.43bn within over two months of trading following fresh reforms by the Central Bank of Nigeria.
An analysis of reports and data of daily forex transactions recorded on the website of FMDQ Securities, a platform that publishes official foreign exchange trading in the country, indicated that the figure increased by 185.75 per cent or $7.43bn between January and March 15th through the Nigerian Autonomous Foreign Exchange by Deposit Money Banks.
Commercial banks, CBN and international oil firms are the major sellers of forex at NAFEM.
The improved liquidity at NAFEM followed a directive by the CBN on February 1, 2024, asking banks to sell their excess dollar stock to improve liquidity in the FX market within  24 hours.

Source: Punch online