Naira appreciates against US dollar at forex market

The Naira appreciated against the US dollar at the official foreign exchange market.

Official data from FMDQ disclosed that it appreciated N844.85/$1 at the close of work on Monday.

The figure represents 5.15 per cent increase compared to the N888.35/$1 quoted at the close of business on Monday.

This is the second time the country's domestic currency has strengthened against the US dollar at the official market.

The development comes as forex turnover at the close of the trading stood at $111.76 million, representing an 18.91 per cent decrease compared to the previous day.

However, Naira dropped marginally at the parallel market, exchanging at N1,240/$1 on Tuesday from 1, 235/$1 on Monday.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, speaking on Wednesday last week before the National Assembly joint committee on Banking and Insurance, said the country's exchange rate pressures are expected to reduce in 2024.

"Exchange rate pressures are also expected to reduce significantly with the smooth functioning of the foreign exchange market," he said.

Since 14 June, when the apex bank introduced FX reforms, Naira has continued fluctuating in the forex market.