April 18, 2024

Naira Records Significant Appreciation Against Dollar at Official Market

 

The Naira has continued its impressive upward trend at the official market, trading at N1,278.58 to a dollar on Tuesday. This represents a remarkable gain of N30.81 or 2.35% compared to the previous trading date before the Easter holiday, where it stood at N1,309.39 against the dollar.

 

Data sourced from the official trading platform of the FMDQ revealed this positive trajectory, signaling renewed strength and stability in the Nigerian currency. However, despite the appreciable gain, the total turnover at the official market witnessed a decline, standing at $111.18 million on Tuesday, down from the $857.78 million recorded on Thursday, March 28, 2024.

 

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira exhibited varying trading dynamics, ranging between N1,312.00 and N1,250.00 against the dollar. This fluctuation underscores the fluid nature of the forex market, with investors closely monitoring these developments for strategic decision-making.

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