Market News
Naira appreciates massively against dollar as FX supply rise - DAILY POST
By
The naira appreciated significantly against the dollar at the foreign exchange market as FX supply increased on Tuesday.
FMDQ data showed that the naira gained to N1561.76 against the dollar on Tuesday from N1635.15 exchanged on Monday. This represents an N73.39 appreciation.
Meanwhile, the naira fell further against the dollar at the black market to N1780 per dollar on Tuesday.
The foreign currency transaction turnover increased to $253.68 million on Tuesday. $126.24 million traded on Monday, according to FMDQ data.
The last time the naira appreciated at the official foreign exchange market was last Friday when it stood at N1631.21 per dollar.
Fluctuations in the FX market have been a recurring decimal despite the interventions of the Central Bank of Nigeria in the past months.
