Business
Naira Records Biggest Appreciation In Four Months Again Dollar
The naira surged N1,1173.88/$1 on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window on Tuesday, marking an increase of 14.09% from the previous day’s rate.
This is the highest one-day increase since January 2024, and it comes amidst a significant surge in foreign exchange (FX) turnover, which increased by 81.59% to $328.32 million.
According to data from the FMDQ, the naira held steady on Monday, May 27, 2024, at the rate of N1,339.33/$1.
However, the foreign exchange turnover on Monday was significantly lower at $180.8 million, reflecting a 67.50% decrease compared to the previous trading session at the end of the previous week.
On Tuesday, May 28, 2024, the foreign exchange market experienced a remarkable recovery with turnover climbing to $328.32 million. This sharp increase in value and turnover indicates a renewed activity and demand in the FX market, likely driven by the interventions and policies to stabilise the naira.
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