Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a 0.22% appreciation for the Naira compared to Monday’s rate of ₦1,468.99 to the dollar.
The volume of currency traded also increased, with the total daily turnover rising to 268.17 million dollars on Tuesday from 161.41 million dollars on Monday. At the Investor’s and Exporter’s (I&E) window, the Naira traded between ₦1,549.00 and ₦1,401.00 against the dollar.
The Association of Bureau De Change Operators of Nigeria (ABCON) commended the CBN’s reforms for the Naira’s appreciation at the official market. ABCON President, Dr Aminu Gwadabe, urged the CBN to sustain policies benefiting the local currency.
