Naira Gains Against Dollar as FX Turnover Increases

The naira saw a slight appreciation against the dollar in official foreign exchange on Tuesday, rising from N1676.90 per dollar on Monday to N1671, according to FMDQ data. This reflects a modest gain of N5.9.

On the illicit market, the naira traded at N1735 per dollar as of last Friday. The increased supply in the FX market played a role, with turnover climbing significantly from $79.47 million on Monday to $218.77 million on Tuesday.

Despite recent Central Bank of Nigeria interventions, the naira has fluctuated over the past few months due to varied market conditions.