Naira strengthens against Dollar in official market, gains 0.61%

On Monday, the Nigerian Naira appreciated in the official market, trading at N1,607.15 to the dollar.

This gain was recorded on the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The Naira improved by N9.93 from the previous rate of N1,617.08 per dollar on August 2, marking a 0.61% increase.

Despite the appreciation, the total daily turnover dropped to $77.09 million from $131.55 million recorded on August 2.

In the Investor’s and Exporter’s (I&E) window, the Naira fluctuated between N1,620.50 and N1,570.00 against the dollar, reflecting the ongoing volatility in the foreign exchange market.

NAN