Naira strengthens against dollar, hits N1,583/$ on official market

By Sodiq Adelakun

The Naira demonstra -ted resilience in Tuesday’s trading session, appreciating to N1,583 against the US dollar on the official market, according to data from the NAFEM.

Transaction data reveals a growing volume of trades on the main foreign exchange window, with traders increasingly quoting rates below N1,600 to the dollar.

Statistics from Monday’s trading activities highlight a robust market, with over $306 million traded across 271 deals. Notably, 43 percent of these deals fell within the N1,400/$-N1,450/$ rate range, while only 9 percent were recorded in the N1,600/$-N1,650/$ range.

Furthermore, 132 deals were executed below the N1,600/$ mark, totaling $102.98 million for the day. This data underscores a trend of increased trading activity and a favorable outlook for the Naira against the dollar.