Economy
Naira Gains Against Dollar as FX Turnover Rises
The Nigerian naira recorded a notable appreciation against the U.S. dollar on Tuesday, following an increase in foreign exchange (FX) transaction turnover. According to data from FMDQ, the naira strengthened by N2.33, trading at N1594.27 per dollar, compared to N1596.60 on Monday.
Despite this gain on the official market, the naira remained stable in the parallel market, holding steady at N1620 per dollar for the second consecutive day.
The rise in the naira’s value coincided with a significant increase in FX turnover, which jumped to $156.94 million on Tuesday, up from $102.93 million the previous day.
This development comes on the heels of the Central Bank of Nigeria’s decision on Monday to raise the Standing Lending Facility rate to 31.75 percent, a move aimed at bolstering stability in the financial sector.
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