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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.

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