KEY POINTS
- Naira appreciates to ₦1,678.93 per dollar at official market.
- It appreciates by ₦11.77 after weeks of depreciation.
- Rate of ₦1,745 per dollar maintained on black market.
The naira appreciated against the dollar in official foreign exchange market on Tuesday for the first time in a week, rising to ₦1,678.93 compared to ₦1,690.37 on Monday.
This makes it the first appreciation for the naira since November 13, 2024, when it closed at ₦1,645, data from FMDQ showed.
Black market holds steady
The naira, however, remained flat in the parallel market on Tuesday at ₦1,745 per dollar, just as in the previous trading day.
Decline in FX turnover
However, appreciation at the official market occurred despite a fall in foreign exchange transaction turnover by 41.59 percent to $173.14 million on Monday from $296.63 million the previous day, according to FMDQ.
The naira’s latest shift in value takes place while the forex market dynamics continues to be monitored by stakeholders that have seen considerable fluctuation in recent months.
