The foreign exchange market closed on Tuesday with the Naira stable at N475 and N474 on the black market and the Bureau De Change (BDC) segment.
The market has been under pressure since March 2020 following a sharp drop in oil prices as a result of Covid-19 pandemic.
At the Investors and Exporters (I&E) FX market, Naira appreciated by 0.31 percent as the dollar was quoted at N384.80 as against the last close of N386.00. Analysts at FSDH research said most participants maintained bids between N381.00 and N392.80 per dollar.
The daily foreign exchange turnover declined by 52.53 percent to $58.85 million on Tuesday from $111.38 million recorded on Monday, data from the FMDQ indicated.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
