Naira Records Highest Gain Against Dollar In Four Months

On Tuesday, Nigerian naira saw a significant one-day gain of 14.09%, reaching N1,173.88/$1 on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

Gatekeepers News reports that this surge coincided with an 81.59% increase in foreign exchange (FX) turnover, reaching $328.32 million.

Data from the Financial Markets Dealers Quotations (FMDQ) showed that the naira remained steady at N1,339.33/$1 on Monday, May 27, 2024. However, FX turnover on that day was notably lower at $180.8 million, a 67.50% decrease from the previous trading session.

On Tuesday, May 28, 2024, it witnessed a remarkable recovery in the foreign exchange market, with turnover climbing to $328.32 million. This surge in value and turnover indicates renewed activity and demand in the FX market, potentially driven by interventions and policies aimed at stabilizing the naira.

The improved exchange rate reflects the effectiveness of the Central Bank of Nigeria’s (CBN) efforts to maintain currency stability, despite fluctuations in market liquidity.