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Naira Appreciates Massively Against Dollar As FX Supply Rise

The naira strengthened notably against the dollar in the official foreign exchange market on Tuesday, driven by an increase in FX supply. According to FMDQ data, the naira appreciated to N1561.76 per dollar, up from N1635.15 on Monday, marking a gain of N73.39.

However, in the black market, the naira weakened further, reaching N1780 per dollar. FX transaction turnover rose to $253.68 million on Tuesday, compared to $126.24 million traded on Monday, as per FMDQ reports.

The naira last appreciated in the official market on Friday, closing at N1631.21 per dollar. FX market fluctuations have persisted despite the Central Bank of Nigeria’s efforts in recent months.

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