April ended with the Naira strengthening against the dollar, rising N28.15 to conclude at N1,390.96, according to figures from the FMDQ Exchange, the body in charge of the Nigerian Autonomous Foreign Exchange Market (NAFEM). The official trading numbers reveal that the Naira has appreciated by a significant 1.98%.
When compared to Monday, April 29, the prior trading date, the percentage rise is significant. Over the previous two weeks, the value of the local currency had steadily decreased, reaching an exchange rate of N1,419 to the US dollar. On the other hand, its performance has turned around with this recent spike.
Notably, the upward trend continued to the amount of currency exchanged, resulting in a notable increase in the daily turnover total. Tuesday saw a significant increase in daily turnover from Monday’s 147.83 million dollars to 225.36 million dollars on Tuesday.
The Naira fluctuated between N1,450 and N1,200 vs the dollar during the Investors and Exporters (I&E) window, indicating additional stability in the foreign exchange market.
