The Nigerian currency, Naira, recorded a significant appreciation at the official market on Monday, trading at N1,607.15 to the dollar.
This represents a gain of N9.93, or 0.61%, compared to the previous trading date on August 2, when it exchanged at N1,617.08 to a dollar.
According to data from the FMDQ Exchange, the platform that oversees the Nigerian Autonomous Foreign Exchange Market, the total daily turnover reduced to $77.09 million on Monday, down from $131.55 million recorded on August 2.
In a related development, the Naira traded between N1,620.50 and N1,570.00 against the dollar at the Investor’s and Exporter’s window, indicating a stable exchange rate.
The appreciation of the Naira at the official market is a positive development for the Nigerian economy, and it remains to be seen if this trend will continue in the coming days.
