Naira appreciates against dollar as FX supply rises

The naira appreciated against the dollar at the official foreign exchange amid a rise in FX supply.

FMDQ data showed that the naira strengthened slightly to N1671 per dollar on Tuesday from N1676.90 recorded on Monday.

This represents a marginal N5.9 gain against the dollar.

Meanwhile, the naira stood at N1735 per dollar at the black market, the same exchange rate on Friday last week.

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The development comes as foreign exchange transaction turnover increased to $218.77 million on Tuesday from $79.47 million recorded on Monday.

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Newspot reports that the naira weakened to N1676.90 per dollar on Monday.

In the past months, the naira has continued to fluctuate at the FX market despite the interventions of the Central Bank of Nigeria.