According to a report by Vanguard, The Naira gained N28.34 at the official market, trading at N1,468.99 to the dollar. This gain represents a 1.89% appreciation for the Naira, according to data from the official trading platform of the FMDQ Exchange on Monday. This increase is a positive development for the Nigerian economy, as a strong Naira can help to reduce inflation and make imports cheaper.
The gain is also a significant improvement compared to the previous trading date on Friday, May 17, 2024, when the local currency traded at N1,497.33 to the dollar. The volume of currency traded also appreciated, with the total daily turnover increasing to 161.41 million dollars on Monday, up from 83.50 million dollars recorded on Friday.
At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,550 and N1,400 against the dollar. This flexibility in exchange rates is designed to help manage the demand for foreign exchange and maintain economic stability. Overall, the Naira’s gain against the dollar is a welcome development, and it is hoped that this trend will continue to support economic growth and development in Nigeria.
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