The Naira appreciated on Monday in the official market, trading at N1,607.15 to the dollar. This marks a notable improvement for Nigeria’s currency.
According to data from FMDQ Exchange, the platform managing the Nigerian Autonomous Foreign Exchange Market, the Naira experienced a gain of N9.93. This appreciation represents a 0.61% increase compared to the previous trading date on August 2, when it traded at N1,617.08 to the dollar.
Despite this positive movement, the total daily turnover saw a decline. On Monday, the turnover was recorded at 77.09 million dollars, significantly lower than the 131.55 million dollars reported on August 2.
While the appreciation of the Naira is a positive sign for the Nigerian economy, the decrease in daily turnover might indicate caution among traders and investors. The fluctuations in the Investors and Exporters window further suggest a complex and dynamic trading environment.
