Naira gains N3.31 against Dollar in official market

The Naira gained N3.31 at the official market on Tuesday, trading at N1,465.68 to the dollar.

Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a 0.22 percent appreciation for the Naira compared to Monday’s rate of N1,468.99 to the dollar.

The volume of currency traded also increased, with the total daily turnover rising to $268.17 million on Tuesday from $161.41 million on Monday.

At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,549.00 and N1,401.00 against the dollar.

The Association of Bureau De Change Operators of Nigeria (ABCON) commended the Central Bank of Nigeria (CBN) for its reforms, which contributed to the Naira’s appreciation at the official market.

ABCON President, Dr. Aminu Gwadabe, urged the CBN to sustain policies benefiting the local currency.

Gwadabe highlighted the importance of multifaceted efforts through fiscal and monetary policies, along with interventions from security agencies, as key to the Naira’s recovery.

“Volatility is like runoff water; if not directed, it will direct itself. I am happy to see multiple agencies coming together to confront these challenges,” he said.

Gwadabe called for technological upgrades and collaboration among operators, regulators, the government, and security agencies to improve control over the foreign exchange market and to establish a bylaw to mitigate volatility.