Naira strengthens against dollar as FX supply increases

On Tuesday, the naira saw an increase in value against the dollar in the official foreign exchange market.

According to FMDQ data, the naira rose to N1630.35 per dollar on Tuesday, up from N1670.65 on Monday, marking an appreciation of N40.3.

In contrast, the black market saw the naira decline slightly, trading at N1748 per dollar on Tuesday, compared to N1746 the day before.

This shift comes as foreign exchange transaction turnover surged to $242.59 million on Tuesday, a significant rise from $81.17 million on Monday when the naira experienced a depreciation.

Leave a Reply

Your email address will not be published. Required fields are marked *

Top