Naira appreciates against dollars at official foreign exchange market
A boost in FX supply coincided with the naira's appreciation against the dollar at the official foreign exchange. The naira slightly gained to N1671 per dollar on Tuesday from N1676.90 on Monday, according to FMDQ data.
In relation to the dollar, this indicates a slight gain of N5.9. At the same time last Friday, the naira was worth N1735 to the US dollar on the illicit market.
This comes as the turnover of foreign exchange transactions climbed from $79.47 million on Monday to $218.77 million on Tuesday.
According to the DAILY POST, on Monday, the value of the naira dropped to N1676.90 per dollar.
Despite the intervention of the Central Bank of Nigeria, the naira has continued to fluctuate on the foreign exchange market in recent months.
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