Naira gains, exchanges N1,465/$ at official market

The naira gained N3.31 at the official market on Tuesday, May 21, 2024, trading at N1,465.68 to the dollar.

Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a 0.22 per cent appreciation for the naira compared to Monday’s rate of N1,468.99 to the dollar.

The volume of currency traded also increased, with the total daily turnover rising to $268.17 million on Tuesday from $161.41 million on Monday.

At the Investors and Exporters (I&E) window, the naira traded between N1,549.00 and N1,401.00 against the dollar.

CBN raises interest rate to 26.25%

Meanwhile, the Association of Bureau De Change Operators of Nigeria (ABCON) has commended the Central Bank of Nigeria’s reforms for the naira’s appreciation at the official market.

ABCON President Dr Aminu Gwadabe urged the CBN to sustain policies benefiting the local currency.

Gwadabe cited multifaceted efforts through fiscal and monetary policies, alongside security agency interventions, as key to the naira’s recovery.

“Volatility is like runoff water; if not directed, it will direct itself. I am happy to see multiple agencies coming together to confront these challenges,” he said.

Gwadabe further called for technological upgrades and collaboration among operators, regulators, the government, and security agencies.

This, he noted, would improve control over the foreign exchange market and establish a bylaw to mitigate volatility.

The Star