Naira Bounces Back Against Dollar As New Exchange Rate Emerges

On Tuesday, the Naira closed the month of April on a positive note strengthening against the Dollar.

The Nigerian currency gained N28.15 at the official market to trade at N1,390.96 against the dollar.

Data from the FMDQ Exchange’s official trading platform, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a significant 1.98% appreciation for the Naira compared to the previous trading day on Monday, April 29.

The local currency had experienced a steady decline for about two weeks, exchanging at N1,419 to a dollar before rebounding.

This success was mirrored in the volume of currency traded, with the total daily turnover increasing. On Tuesday, the daily turnover stood at $225.36 million, up from $147.83 million recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded within the range of N1,450 and N1,200 against the dollar.