Naira floors dollar for second consecutive time in foreign exchange market

The naira appreciated for the second consecutive day in the foreign exchange market as the turnover of FX supply surged.

According to FMDQ data, the naira strengthened to N1,473.66 against the dollar on Tuesday, up from N1,483.62 on Monday. This marks a gain of N9.96 recorded on Tuesday.

In the parallel market, the naira held steady at N1,470 against the dollar on Tuesday, the same rate as on Monday.

This appreciation comes as foreign currency transactions surged dramatically to $385.91 million on Tuesday from $161.69 million the previous day.
Recall that the naira also appreciated against the dollar on Monday