Naira Gains N3.31 Against Dollar at Official Market

The naira saw a notable gain at the official market on Tuesday, appreciating by N3.31 to trade at N1,465.68 to the dollar. Data from the FMDQ Exchange, which manages the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicated a 0.22 percent increase from Monday’s rate of N1,468.99.

Trading activity also surged, with the daily turnover escalating to $268.17 million on Tuesday, up from $161.41 million on Monday. In the Investor’s and Exporter’s (I&E) window, the naira traded between N1,549.00 and N1,401.00 against the dollar.

The Association of Bureau De Change Operators of Nigeria (ABCON) praised the Central Bank of Nigeria’s (CBN) reforms for the currency’s appreciation. ABCON President Aminu Gwadabe highlighted the importance of continued supportive policies from the CBN.

Gwadabe attributed the naira’s recovery to a combination of fiscal and monetary measures and the involvement of security agencies. “Volatility is like runoff water; if not directed, it will direct itself. I am happy to see multiple agencies coming together to confront these challenges,” he stated.

He also called for technological advancements and increased collaboration among market operators, regulators, the government, and security agencies to better control the foreign exchange market and reduce volatility through a new regulatory framework.