Naira on Tuesday gained 0.79 percent (N8) over the dollar as the foreign exchange (FX) resumed after the independence holiday.
The market opened with the dollar trading at N1,000 on Tuesday as against N1,008 on Friday at the parallel market.
At the Investors’ and Exporters’ (I&E) forex window, naira appreciated by 2.59 percent as the dollar was quoted at N755.27 on Friday compared to N775.31 quoted on Thursday last week, data from the FMDQ showed.
Read alsoFrom N0.62/$, naira falls 99.92% in 50 years
The naira appreciation was attributed to a moderation in demand for the greenback as the market awaits the next policy action of Olayemi Cardoso, the new Central Bank of Nigeria (CBN) governor.
Cardoso, who was recently confirmed as the CBN governor alongside the four deputy governors by the Senate, proposed to reset the apex bank.
He said his immediate priority would be to work out ways to aggressively offset huge FX obligations as part of measures to attack the current naira downturn, which has become a huge burden for the economy.
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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.
