Naira Gains Marginally, Exchanges for N1,499 per Dollar

The naira gained marginally against the United States dollar on Tuesday, appreciating to N1,499 per Dollar from an all-time low of N1,534/$ on the official Nigerian Autonomous Foreign Exchange Market.

This means the naira gained by 2.3 per cent or N35, according to FMDQ Exchange, a platform that publishes official foreign exchange trading in the country.

The naira has depreciated following the removal of fuel subsidy and the unification of the exchange rate market by President Bola Tinubu. The local unit weakened from N464.67/$ in May 2023 to N1,490 at the official market in February, 2024. During the same period, the local currency fell from N763/$ to N1470/$ at the parallel market.

On Monday, the naira hit a new low of N1,534/$, a few weeks after hitting N1,099.05/$ on December 8. It also fell to an all-time low of N1,348.63/$ on January 30, 2024.

At the parallel market, the naira maintained its upward surge from N1,503 to N1,530 as closing rates on Monday.