The foreign exchange market opened on Tuesday with Naira appreciating across market segments due to low demand.

On the black market, Naira gained N2.00k as the dollar was trading at N448 on Tuesday morning from N450 traded on Monday.

The local currency also gained N1.51k as the FX market opens with an indicative rate of N385.95k on Tuesday morning compared with N387.46k opened with on Monday at the Investors and Exporters (I&E) forex window.

The daily turnover at the I&E window slumped by 87.01 percent to $14.66 million on Monday compared with $112.89 million recorded on Friday last week.

At the retail bureau, naira remains stable at N450 to the dollar. Also at the official, Central Bank of Nigeria (CBN) window, the local currency was stable at N361.00k/$.

The CBN said on April 29, 2020 that it has made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.

The Federal Government on June 1, 2020 announced that airlines would resume operations on June 21.

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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.

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