Naira records 0.52% gain over dollar

The Nigerian currency, Naira, recorded a slight gain over the United States dollar at the official exchange market on Tuesday.

Data from FMDQ Securities where investors and exporters buy and sell forex showed that Naira’s exchange rate to the dollar closed at N428.75.

This, according to the firm, was a 0.52 percent increase over the N431 recorded on Monday.

READ ALSO: Expert claims Naira overvalued by 200%, begs CBN to set currency free

The Naira’s good performance came just as forex supply to the market rose by $113.64 million on Tuesday.

This was also higher than the $115. 67 million achieved in the preceding session.

However, at the black market, Naira continues to struggle with the currency rotating between N650 and N680/$ on Tuesday.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now