The Nigerian Naira experienced a notable appreciation of N3.31 against the US Dollar at the official market on Tuesday, closing at N1,465.68 to the dollar. This marks a 0.22% improvement from Monday’s rate of N1,468.99.
According to data from the FMDQ Exchange, which monitors the Nigerian Autonomous Foreign Exchange Market (NAFEM), the trading volume saw a significant rise. The total daily turnover increased to $268.17 million on Tuesday from $161.41 million on Monday.
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In the Investor’s and Exporter’s (I&E) window, the Naira fluctuated between N1,549.00 and N1,401.00 against the dollar throughout the day.
The Association of Bureau De Change Operators of Nigeria (ABCON) has praised the Central Bank of Nigeria’s (CBN) reforms, attributing these measures to the recent gains of the Naira. ABCON President, Dr. Aminu Gwadabe, emphasized the importance of sustaining beneficial policies to maintain the currency’s upward trend.
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Dr. Gwadabe highlighted the collaborative efforts involving fiscal and monetary policies, as well as interventions by security agencies, as critical factors in stabilizing the Naira. “Volatility is like runoff water; if not directed, it will direct itself. I am happy to see multiple agencies coming together to confront these challenges,” he remarked.
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