Naira appreciates against dollar as FX supply rises

The naira appreciated against the dollar on Tuesday at the official foreign exchange market.

FMDQ data showed that the naira gained at N1630.35 per dollar on Tuesday from N1670.65 exchanged on Monday. This represents N40.3 appreciation.

Meanwhile, at the black market, the naira dropped further to N1748 per dollar on Tuesday from N1746 traded the previous day.

This comes as FX transaction turnover increased to $242.59 million on Tuesday from $81.17 million on Monday when the naira depreciated.

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