Naira Gains Value Against Dollar in Official and Black Markets

On Tuesday, the naira appreciated further against the dollar in both official and parallel foreign currency markets.

According to FMDQ data, the naira gained N1.05 in value at the official market, trading at N1,544.05 per dollar on Tuesday, compared to N1,545.10 on Monday. Similarly, in the black market, the naira strengthened from N1,680 per dollar on Monday to N1,675 on Tuesday.

This marks the second consecutive day of appreciation for the naira against the dollar.

Meanwhile, a bill to prohibit the use of foreign currencies, including the dollar, passed its first reading in the Senate on Tuesday. The proposed legislation aims to regulate foreign currency usage within the country.