The value of the naira appreciated against the dollar significantly on Monday, closing the day at N1,339.33/$1 on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window (official market).
This is an appreciation of 10.71 per cent and marks the highest closing rate since April 26, when the exchange rate was N1,339.23/$1, based on data from FMDQ.
Itx is also the biggest currency appreciation rate in two months since May 20 when it recorded a rate of 12.84 per cent.
The FX turnover, however, decreased by 67.50 per cent, amounting to $180.8 million.
The drop in FX turnover is an indication that demand for the dollar has decreased, leading to a stronger naira against the dollar.
On Friday, the lat trading day for last week, the exchange rate was N1,482.81/$1, with a minor increase of 0.19 per cent.
The FX turnover on Friday was also higher than that of Monday, at $556.25 million, representing an increase of 231.99 per cent.
