The official foreign exchange (FX) market recorded a significant increase in dollar liquidity, which helped to strengthen the naira further on Tuesday.
Nigerian Naira gained 3.71 percent as the dollar was quoted at N806.73 on Tuesday compared to N837.77 quoted on Monday, at Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ indicated.
Dollar supply increased by 92.92 percent as the daily FX market turnover rose to $142.63 million on Tuesday from $73.93 million recorded on Monday.
Read also Naira strengthens as dollar demand moderates
Willing buyers and willing sellers quoted the dollar at a bid rate of N1,150, weaker than N1,021 quoted on Monday on the spot trading. The spot segment recorded a lower bid rate of N757 per dollar, weaker than N701/$1 on Monday.
On Monday, Nigeria’s currency strengthened by 9.64 percent despite a decline in dollar liquidity. The naira appreciation followed a moderation in demand for dollars at the official FX market.
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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.
