Naira to dollar: Naira gains 0.6% in official market as turnover drops

Published by

Samuel Bolaji

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.

Trading Volume Decreases

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.

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Investor’s and Exporter’s Window

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.

Samuel Bolaji

Samuel Bolaji, an alumnus/Scholar of the Commonwealth Scholarship Commission, holds a Master of Letters in Publishing Studies from the University of Stirling, Scotland, United Kingdom, and a Bachelor of Arts in English from the University of Lagos, Nigeria. He is an experienced researcher, multimedia journalist, writer, and Editor. Ex-Chief Correspondent, ex-Acting Op-Ed Editor, and ex-Acting Metro Editor at The PUNCH Newspaper, Samuel is currently the Editor at Arbiterz.