The Naira, on Tuesday, recorded marginal appreciation to close at N1560.57 to $1 at the Nigerian Autonomous Foreign Exchange (NAFEM) commonly referred to as the official market.
This represents a notable gain of N36.67 or 2.35 per cent from Monday’s closing rate of N1,597.24/$1.
The Naira maintained its position below the N1,600/$1 mark for the second consecutive day, a threshold it had previously sustained for nine days since March 5th, 2024.
The trading activity on Tuesday also reflected an increase, with the daily turnover reaching $195.13 million, marking a substantial 38.93 per cent rise from the $140.45 million recorded on Monday.
Furthermore, data from FMDQ Securities reveals that there has been an impressive increase of 4.34 per cent or $1.43 billion in daily turnover from the beginning of the year to March 18th, 2024.
Meanwhile, the Naira remained stable at the parallel market, trading close to the N1,600 per dollar benchmark. The Naira recorded a 0.50 per cent appreciation against the US dollar on Tuesday, improving from the prior rate of N1,608/$1.
Conversely, against the pound sterling, depreciated by 0.25%, with the closing rate of N2,025/£1 compared to the previous N2,030/£1.
Against the euro, however, the naira achieved a 0.29 per cent gain, ending at N1,720/€1 from Monday’s rate of N1,725/€1.
