The Nigerian naira witnessed a significant appreciation against the US dollar on Tuesday, driven by increased foreign exchange supply.
According to data from FMDQ, the naira strengthened to N1561.76 per dollar, up from N1635.15 on Monday, representing a gain of N73.39.
However, in contrast, the naira depreciated further at the black market, trading at N1780 per dollar.
Foreign currency transactions soared to $253.68 million on Tuesday, surpassing Monday’s figure of $126.24 million.
This uptick marks the naira’s second appreciation at the official foreign exchange market in recent days, following last Friday’s rate of N1631.21 per dollar.
Despite interventions by the Central Bank of Nigeria, fluctuations in the FX market persist.
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