The naira on Tuesday remained calm across the foreign exchange (FX) markets as the dollar sales surge by 94.46 percent at the official market.
The naira closed flat, losing 0.06 percent as the dollar was quoted at N1,476.95 on Tuesday, compared to N1,476.12 quoted on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to the market summary released by the FMDQ Securities Exchange Limited.
The dollar sales by willing buyers and willing sellers increased significantly by 94.46 percent to $236.99 million on Tuesday from $121.87 million recorded on Monday.
According to the market summary, the intraday high closed steady at N1,500 per dollar, while the intraday low depreciated to N1,362.15 on Tuesday as against N1,250/$1 closed on Monday.
The local currency steadied at the rate of between N1,480 and N1,500 on the parallel market also known as black 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.
