Naira Continues to Gain Ground Against Dollar in Recent Trading

In recent trading, the Naira continued its upward trajectory against the dollar, marking a positive trend for the Nigerian currency. According to data from the official trading platform of the FMDQ, the Naira traded at N1,382.95 to a dollar on Tuesday, representing a notable appreciation from the previous day’s rate of N1,408 against the dollar.

The Naira’s strengthening was further underscored by a significant increase in total turnover, which rose to $245.58 million on Tuesday, compared to $222.15 million recorded on Monday.

At the Investor’s and Exporters (I&E) window, the Naira exhibited resilience, trading within the range of N1,486 and N1,300 against the dollar, indicating sustained confidence in the Nigerian currency among investors.

The Central Bank of Nigeria (CBN) took proactive measures to address the nation’s rising inflation during its 294th Monetary Policy Committee (MPC) meeting held earlier on Tuesday. CBN Governor Yemi Cardoso announced a 200 basis points increase in the Monetary Policy Rate (MPR), raising it from 22.75 per cent to 24.75 per cent. This move reflects the CBN’s commitment to tackling inflationary pressures and supporting the stability of the Nigerian economy.