The naira appreciated against the dollar at the official foreign exchange market for the first time in a week. According to FMDQ data, the naira rose to N1,678.93 per dollar on Tuesday, up from N1,690.37 on Monday, marking a gain of N11.77.
Newsflash Nigeria notes this is the first appreciation of the naira at the official market since November 13, 2024, when it closed at N1,645 per dollar.
In contrast, the black-market exchange rate remained steady at N1,745 per dollar on Tuesday, unchanged from Monday.
Meanwhile, FX transaction turnover decreased significantly, falling to $173.14 million on Monday from $296.63 million last Friday, as reported by FMDQ.
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