Naira appreciates against dollar

The Naira kicked off the week on a high, appreciating to N1585.77 per dollar from N1598.56 last Friday, according to FMDQ data, marking a N12.79 gain. The parallel market mirrored this trend, with the Naira strengthening by N10 to close at N1635 per dollar from the previous N1645.

However, foreign exchange turnover took a hit, plummeting to $71.18 million from $172.80 million last week, signaling caution among market players despite the Naira’s positive momentum.