Naira Continues to Appreciate, Closes at N1,560.57/$ Officially
The Nigerian Autonomous Foreign Exchange (NAFEM) saw a notable appreciation on Tuesday, with the closing rate standing at N1560.57 to $1.
This represents a significant gain of N36.67 or 2.35% from Monday’s closing rate of N1,597.24/$1.
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Additionally, the Naira maintained its position below the N1,600/$1 mark for the second day in a row, a threshold it had previously sustained for nine days since March 5th, 2024.
The trading activity on Tuesday also reflected an increase, with the daily turnover reaching $195.13 million, marking a substantial 38.93% rise from the $140.45 million recorded on Monday.
Furthermore, data from FMDQ Securities reveals that there has been an impressive increase of 4.34% or $1.43 billion in daily turnover from the beginning of the year to March 18th, 2024.
