Naira Strengthens Against Dollar in Official Market

• The Naira strengthened by N28.34 against the dollar, trading at N1,468.99 per dollar, indicating a significant 1.89% appreciation
• Trading data from FMDQ Exchange showed increased currency volume, with daily turnover reaching $161.41 million, up from $83.50 million

The Naira experienced significant gains against the dollar at the official market, appreciating by N28.34 to reach a trading rate of N1,468.99 per dollar.

Data from the FMDQ Exchange’s official trading platform revealed this increase, marking a notable 1.89% appreciation for the Naira compared to the previous trading session on Friday, May 17, 2024, when it traded at N1,497.33 to the dollar.

Moreover, the volume of currency traded also saw an uptick, with the total daily turnover reaching $161.41 million on Monday, a notable increase from the $83.50 million recorded on Friday.

In the Investor’s and Exporter’s (I&E) window, the Naira was observed to trade between N1,550 and N1,400 against the dollar.