The pressure on the foreign exchange (FX) market eased, on Thursday, as naira steadied against the United States dollar in the parallel market.
According to Aboki FX, the naira sells for N1,170/$1 on Monday and Tuesday, Wednesday and on Thursday respectively.
Also, the volume of United States dollars turnover in the Nigerian Foreign Exchange Market (NAFEM), window rose to $135.58million, on Wednesday.
According to the data from NAFEM, the country’s official foreign exchange market, the rise in the daily forex turnover reflected increased FX inflow in the economy on Wednesday, 6th November, 2023.
According to Data from FMDQ Securities Exchange, the local currency, on Wednesday, hit an intra-day trading high of N1,159.10 and a low of N701.
However, a member of the House of Representatives, Gboyega Nasir Isiaka, has urged monetary policy authorities to take decisive actions that will curb naira depreciation.
Isiaka, representing Yewa North/Imeko-Afon Federal Constituency at the House of Representatives, stressed the need for a more stable foreign exchange rate to support the growth of the economy, particularly the private sector.
While reacting to the deliberations on the 2024 ‘Renewed Hope Budget’ of President Bola Ahmed Tinubu on the floor of the House of Representatives on Wednesday, Isiaka warned against speculative attacks that could undermine the naira’s strength.
“As our fiscal ecosystem is getting settled and organized, we need a more stabilised foreign exchange rate, particularly because of the private sector.
“I urge our monetary policy managers that as we maintain the exchange rate along its fundamental path, we should also be wary of ‘Self prophesying speculative attacks’ at the naira because this is part of the factors that are believed to have contributed to what we have today as the exchange rate,” he said in Abuja.
He, however, hailed Tinubu’s administration for improving debt service, tax revenue, and deficit reduction.