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.
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.
