June 24, 2024

Naira Resurgence: Nears N1,400 Mark Against Dollar




In a remarkable turnaround, the Nigerian naira concluded April on a robust upswing, surging by an impressive N28.15 against the dollar in the official market. Clocking in at N1,390.96 to the dollar, data from the FMDQ Exchange’s official trading platform revealed a notable 1.98% appreciation for the domestic currency compared to the preceding trading session.


This resurgence marks a stark departure from a recent fortnight-long trend of steady depreciation, during which the naira hovered at N1,419 against the dollar. The newfound strength was not only evident in the currency’s valuation but also in the heightened trading activity, with the total daily turnover spiking to 225.36 million dollars on Tuesday, marking a substantial increase from the 147.83 million dollars recorded just the day before.


Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira displayed robust trading dynamics, fluctuating within the range of N1,450 and N1,200 against the dollar. This resilience underscores the market’s stability amidst fluctuating economic conditions.

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