The Naira wrapped up April on a positive trajectory, surging by N28.15 against the dollar to settle at N1,390.96, according to data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM). This gain signifies a notable 1.98% appreciation for the Naira, as indicated by official trading figures.
The increase in percentage holds significance compared to the previous trading date on Monday, April 29. The local currency had witnessed a steady decline over the past two weeks, reaching an exchange rate of N1,419 to a dollar. However, this recent surge marks a turnaround in its performance.
Notably, the positive trend extended to the volume of currency traded, with the total daily turnover seeing a significant rise. On Tuesday, the daily turnover amounted to 225.36 million dollars, a substantial increase from the 147.83 million dollars recorded on Monday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded within the range of N1,450 and N1,200 against the dollar, reflecting further stability in the forex market.
Source: NAN
