Nigeria’s currency on Tuesday strengthened against the dollar at the official market following increased liquidity in the foreign exchange market.
Read Also: Naira reverse gain to close at N500 on black market
The daily marker turnover rose by 79.54 percent to $169.07 million on Tuesday from $94.17 million recorded on Monday at the Investors and Exporters (I&E) forex market.
Consequently, after trading on Tuesday, naira gained 0.40 percent as the dollar was quoted at N410.00 against N411.67k quoted on Monday at the Nigerian Autonomous Foreign Exchange (NAFEX), data from the FMDQ said.
Currency traders who participated in the trading session on Tuesday maintained bids at between N387.67k and N420.88k per dollar.
The local currency steadied at N500 per dollar on the black market on Tuesday. it lost N5 or 1.02 percent to close at N495 per dollar compared to N490 traded on Monday at the Bureau De Change (BDC) segment of the foreign exchange market.
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