Naira Records Appreciation Against Dollar As FX Turnover Increases

Naira Records First Gain Against Dollar as FX Turnover Rises

On Tuesday, the naira made its first gain against the dollar in the foreign exchange market, driven by an increase in FX transaction turnover.

According to FMDQ data, the naira appreciated by N2.33, closing at N1594.27 per dollar on Tuesday, compared to N1596.60 on Monday.

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Meanwhile, in the black market, the naira remained steady at N1620 per dollar, unchanged from Monday.

This gain coincided with a rise in foreign exchange transaction turnover, which jumped to $156.94 million on Tuesday from $102.93 million on Monday.

In a related development, the Central Bank of Nigeria increased the Standing Lending Facility rate to 31.75 percent on Monday, aiming to enhance stability within the financial sector.