The Naira on Tuesday appreciated by 0.2 percent on the official market.
Data from the FMDQ shows that the exchange rate between the naira and dollar in the official NAFEM Window is at N1465.68/$1, appreciating by a mere 0.23%.
The appreciation of the naira doesn’t, however, match the substantial increase in foreign exchange (FX) supply.
FX supply increased to $268.17 million, a rise of about 66.14 per cent.
During intra-day trading, the exchange rate peaked at an intra-day high of N1,549/$1, highlighting a temporary surge in dollar sales.
Conversely, the intra-day low was N1,401/$1, reflecting periods of heightened buying pressure on the naira.
