Naira Strengthens by 0.6%, Trades at N1,607 per Dollar in Official Market
On Monday, the Nigerian Naira made gains in the official foreign exchange market, trading at N1,607.15 against the US dollar. This marked a significant appreciation of the currency, which rose by N9.93 compared to its previous value.
According to data from the FMDQ Exchange, the platform responsible for managing the Nigerian Autonomous Foreign Exchange Market (NAFEM), the value increased by 0.61 percent from the last recorded trading rate of N1,617.08 per dollar on August 2.
This positive shift highlights a brief improvement in the Naira’s performance against the US dollar, signaling a potential stabilization in the official exchange market amid ongoing economic fluctuations.
Sourced from Nigerian Tribune
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