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Naira gains ₦3.31 against dollar at official market

The volume of currency traded increased, with the total daily turnover rising to 268.17 million dollars on Tuesday from 161.41 million dollars on Monday.

Naira gains ₦3.31 against dollar at official market

Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a 0.22% appreciation for the Naira compared to Monday’s rate of ₦1,468.99 to the dollar.

The volume of currency traded also increased, with the total daily turnover rising to 268.17 million dollars on Tuesday from 161.41 million dollars on Monday. At the Investor’s and Exporter’s (I&E) window, the Naira traded between ₦1,549.00 and ₦1,401.00 against the dollar.

The Association of Bureau De Change Operators of Nigeria (ABCON) commended the CBN’s reforms for the Naira’s appreciation at the official market. ABCON President, Dr Aminu Gwadabe, urged the CBN to sustain policies benefiting the local currency.

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Gwadabe cited multifaceted efforts through fiscal and monetary policies, alongside security agency interventions, as key to the Naira’s recovery.

“Volatility is like runoff water; if not directed, it will direct itself. I am happy to see multiple agencies coming together to confront these challenges,” he said.

Gwadabe called for technological upgrades and collaboration among operators, regulators, the government, and security agencies. This, he noted, was to improve control over the foreign exchange market and to establish a bylaw to mitigate volatility.

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