The Nigerian currency, the naira, experienced an appreciation against the United States Dollar in the foreign exchange market, coinciding with an increase in FX transaction turnover.
According to data from the FMDQ, the naira appreciated by ₦2.33, reaching ₦1594.27 per dollar on Tuesday, compared to ₦1596.60 on Monday.
In the black market, the naira remained unchanged at ₦1620 per dollar on Tuesday, consistent with the previous day’s rate.
This development occurred as foreign exchange transaction turnover rose to $156.94 million on Tuesday, up from $102.93 million on Monday.
Additionally, the Central Bank of Nigeria (CBN) raised the Standing Lending Facility rate to 31.75 per cent on Monday to enhance stability within the financial sector.
Meanwhile, the Central Bank of Nigeria (CBN) recently announced that it sold foreign exchange (FX) to banks worth $876.26 million at ₦1,495 per dollar.
According to a statement dated August 7, signed by Omolara Omotunde Duke,…