ENUGU, Nigeria (VOICE OF NAIJA) – The Naira has witnessed a slight appreciation against the US Dollar on Tuesday, reaching N791.42 at the Investors and Exporters window.
This marks a marginal gain of 0.08 per cent compared to the previous day’s exchange rate of N792.04.
According to the News Agency of Nigeria (NAN), the open indicative rate closed at N779.50 to the dollar on the same day.
However, there were fluctuations throughout the trading session, with the highest rate reaching N845 to the dollar before settling at N791.42.
During the day’s trading, the Naira reached a low of N730 to the dollar.
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The total volume of trades at the investors’ and exporters’ window on Tuesday amounted to $51.55 million.
The foreign exchange market in Nigeria has experienced varying levels of volatility since the Central Bank of Nigeria (CBN) introduced reforms.
In response to these fluctuations, Yusuf Muda, the Director of the Centre for the Promotion of Private Enterprise, suggested that the apex bank implement policy interventions to stabilize the forex market.
Addressing the market’s performance, Folashodun Shonubi, the Acting CBN Governor, expressed optimism about an improved forex market during a briefing following the Monetary Policy Committee meeting on Tuesday.