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FX turnover rise by 7.29% as naira strengthens at I&E window

Nigeria’s foreign exchange daily turnover rose by 7.29 percent to $15.31 million on Tuesday from $14.27 million recorded on Monday at the Investors and Exporters (I&E) forex window.

The increase reflects the forces of demand and supply as there was a transaction between the investors and exporters at the market.

Naira gained N0.50k against the dollar which was quoted at N386.00k on Tuesday as against N386.50k quoted on the previous day at the I&E window, data from the FMDQ showed.

The FX market opened on Tuesday at the Investors and Exporters (I&E) forex window with an indicative rate of N387.39k, representing a marginal appreciation of N0.07k when compared with N387.46k opened

with on Monday.

The foreign exchange market opened on Tuesday with the dollar trading at N450 the same as of Monday on the black market.

The market shows a quiet activity as demand was low, one of the traders said.

At the retail Bureau, Naira weakened by N2.00k as the dollar was trading at N452 on Tuesday compared with N450 traded since last week.

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