Naira Records Improvement Against Dollar In Official Market

Naira Records Improvement Against Dollar In Official Market
Naira Records Improvement Against Dollar In Official Market

The Naira has demonstrated a robust increase in value against the US dollar in the official market, strengthening to a rate of N1,339.33 to the dollar as of yesterday, Monday.

This significant 9.67% improvement, a gain of N143.48, was reported by FMDQ Exchange, the platform managing the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to its latest data. This is a substantial rise from the previous trading figure of N1,482.81 to the dollar on Friday, May 24, 2024.

In the midst of this, there has been a notable interruption in dollar transactions, with banks and money transfer operators halting services due to external factors.

READ MORE: Women In Diary Production Association Moves To Increase Consumption Of Milk In Children

While the Naira’s value has surged, the overall daily transaction volume has observed a downturn, totaling $180.80 million on Monday, which is lower than the $556.25 million documented at the end of last week.

In parallel developments within the Investor’s and Exporter’s (I&E) FX window, the Naira experienced fluctuations, with rates oscillating between N1,501 and N1,310 to the dollar.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

ten + 15 =