Naira appreciates by 0.6% against dollar at official market

The Naira strengthened on Monday at the official market, trading at N1,607.15 to the dollar. This marks an appreciation of N9.93, or 0.61%, from the previous trading rate of N1,617.08 on August 2, according to data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Despite this gain, the total daily turnover saw a decline, falling to $77.09 million from $131.55 million recorded on August 2.

Meanwhile, at the Investors’ and Exporters’ (I&E) window, the Naira traded within a range of N1,620.50 to N1,570.00 against the dollar, highlighting the currency’s ongoing volatility.

This appreciation comes amidst Nigeria’s broader economic challenges, including rising inflation and a weakening Naira, which recently impacted MTN Nigeria’s financial performance, costing the telecom giant N519 billion in the first half of the year.