Naira Surges 1.79% Against Dollar at Investors and Exporters Window, Reaching N756.61
In a positive turn of events, the Nigerian Naira experienced a significant appreciation against the US Dollar at the Investors and Exporters window on Tuesday. The exchange rate stood at N756.61, marking a remarkable 1.79% increase when compared to Monday’s rate of N770.38.
Throughout the trading day, the Naira showcased its strength, reaching a peak exchange rate of N781 to the dollar. However, as the day progressed, it settled at a favorable rate of N756.61, signifying the currency’s resilience.
Furthermore, the open indicative rate, which acts as a reference for official transactions, closed at N701.75 to the dollar on Tuesday, providing additional evidence of the Naira’s improved performance.
During the day’s trading, the Naira demonstrated its stability by selling for as low as 465 to the dollar. This highlights the currency’s ability to maintain a healthy range and offer stability to traders and investors.
The positive performance of the Naira also led to a surge in trading volume at the Investors and Exporters window. A total of 134.47 million dollars were traded, reflecting increased market activity and investor confidence in the Nigerian economy.
These recent developments in the foreign exchange market are encouraging for Nigeria as they signify the Naira’s resilience and the country’s economic potential. The appreciation of the Naira against the dollar fosters stability, attracts foreign investment, and promotes overall economic growth.
As Nigeria continues to implement sound economic policies and attract foreign investment, the positive trajectory of the Naira is expected to persist. It is a reflection of the efforts made by the government and the Central Bank of Nigeria to maintain a stable currency and create an enabling environment for economic prosperity.
Source: Daily Post
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