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.
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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.
