naira to dollar rate remains unstable
On Monday, the Naira appreciated at the official market, trading at N1,607.15 to the dollar. Data from the FMDQ Exchange, the platform overseeing the Nigerian Autonomous Foreign Exchange Market, indicated a gain of N9.93. This gain represents a 0.61% increase compared to the previous trading date on August 2, when the Naira traded at N1,617.08 to the dollar.
Despite the Naira’s appreciation, the total daily turnover at the official market saw a significant drop. On Monday, the turnover was recorded at $77.09 million, a notable decrease from the $131.55 million recorded on August 2.
Also Read: Naira gains as Nigeria’s FX reserves hit $34.7bn
In the Investor’s and Exporter’s window, the Naira’s trading range fluctuated between N1,620.50 and N1,570.00 against the dollar, reflecting varied demand and supply dynamics in this segment of the market.
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