JUST IN: Naira Regains Strength Against Dollar As New Exchange Rate Emerges

On Monday, the Naira appreciated at the official market, trading at N1,607.15 to the dollar.

Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market, showed the Naira gained N9.93. This represents a 0.61% increase from August 2, when it traded at N1,617.08 to the dollar.

The total daily turnover decreased to 77.09 million dollars from 131.55 million dollars on August 2. Meanwhile, at the Investor’s and Exporter’s window, the Naira traded between N1,620.50 and N1,570.00 against the dollar.

The is a positive trend given that Naira has been on continual decline in value for several months, complicating trading activities for many businesses in Nigeria.