Naira appreciates by 2.4% against dollar at official market

On Tuesday, the Naira experienced an appreciation in the official market, trading at N1,630.45 to the dollar.

This positive movement in the currency exchange rate reflects a potential stabilization in the foreign exchange market, which has been characterized by volatility in recent times.

Analysts are observing this development closely, as it may indicate a shift in investor confidence and economic conditions in Nigeria.

Data from the official trading platform of the FMDQ showed that this represents a 2.40 per cent gain when compared to the previous trading date on Monday, when it exchanged at N1,670.65 to a dollar.

Also, the total daily turnover increased to 242.59 million dollars on Tuesday up from 81.17 million dollars recorded on Monday.

At the Investors and Exporters (I&E) window, the Naira traded between N1,690 and N1,601 against the dollar.