Economy
THE Naira appreciated at the official market on Tuesday trading at the N1,522.68 to a Dollar.
Data from the FMDQ Security Exchange official forex trading platform revealed that the local currency gained N10.95.
This represents a 0.7 per cent gain when compared to the trading figure on Monday when Naira closed trading at N1,533.63 to a Dollar.
Trading on the Investors and Exporters (I&E) Forex window on Tuesday recorded a high of N1,536.50 and a low of N1,521.50.
The Naira has enjoyed relative stability against the US dollar since Dec. 2024 following the introduction of the Electronic Foreign Exchange Matching System (EFEMS) by the Central Bank of Nigeria (CBN).
The apex bank followed up the interventions with additional reforms in Jan. 2025 leading to additional health for the local currency.
Analysts during the Nigerian Economic Summit Group (NESG) 2025 Economic Outlook noted that stabilised exchange rate will drive down inflation to boost the nation’s GDP. (NAN)
A.I
Jan. 29, 2025
Tags: Naira appreciates by 0.7%
