Naira Rebounds, Gains N28.15 Against Dollar

The naira ended the month of April on a positive note, appreciating by N28.15 at the official market and trading at N1,390.96 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the gain represented a 1.98 per cent appreciation for the naira.

The percentage increase is significant when compared to the previous trading date on Monday, April 29.

The local currency experienced a two-week steady fall by exchanging at N1,419 to a dollar.

The success story was replicated in the volume of currency traded as the total daily turnover increased.

The daily turnover stood at 225.36 million dollars on Tuesday, up from 147.83 million dollars recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between N1,450 and N1,200 against the dollar.