Business News

Breaking: Naira appreciates to N1,339.33/$1 on official market, best in 2 months

The exchange rate between the Naira and the Dollar at the official window saw a significant appreciation of 10.71% on Monday, closing the day at N1,339.33/$1. 

This appreciation marks the highest closing rate since April 26, when the exchange rate was N1,339.23/$1, based on data from FMDQ. 

On Friday, May 24, 2024, the exchange rate was N1,482.81/$1, with a minor increase of 0.19%. The FX turnover on this day was significantly higher at $556.25 million, which represented a dramatic increase of 231.99%. 

In contrast, on May 27, 2024, the Naira appreciated notably by 10.71%, bringing the exchange rate down to N1,339.33/$1. However, the FX turnover decreased sharply by 67.50%, amounting to $180.8 million. 

The substantial drop in FX turnover suggests a lower demand for dollars, which is a plausible factor contributing to the appreciation of the Naira. 

When fewer dollars are being bought, the demand decreases, leading to a stronger Naira against the Dollar.  

This is a developing story…