The volume of currency traded increased significantly, with the total daily turnover rising to $268.17 million on Tuesday from $161.41 million on Monday. The Naira strengthened by ₦3.31 in the official market on Tuesday, trading at ₦1,465.68 to the dollar. Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed a 0.22% appreciation for the Naira compared to Monday’s rate of ₦1,468.99 to the dollar.
Additionally, the volume of currency traded increased, with the total daily turnover rising to $268.17 million on Tuesday from $161.41 million on Monday. At the Investor’s and Exporter’s (I&E) window, the Naira traded between ₦1,549.00 and ₦1,401.00 against the dollar.
The Association of Bureau De Change Operators of Nigeria (ABCON) praised the Central Bank of Nigeria’s (CBN) reforms for the Naira’s appreciation in the official market. ABCON President, Dr. Aminu Gwadabe, encouraged the CBN to continue implementing policies that benefit the local currency.
Gwadabe credited the Naira’s recovery to combined efforts through fiscal and monetary policies, as well as interventions by security agencies.
“Volatility is like runoff water; if not directed, it will direct itself. I am happy to see multiple agencies coming together to confront these challenges,” he stated.
Gwadabe also called for technological advancements and cooperation among operators, regulators, the government, and security agencies to better control the foreign exchange market and to establish regulations to reduce volatility.