The naira appreciated for the second consecutive day in the foreign exchange market, driven by a surge in FX supply turnover.
According to FMDQ data, the naira strengthened to N1,473.66 against the dollar on Tuesday, up from N1,483.62 on Monday. This marks a gain of N9.96.
In the parallel market, the naira remained stable at N1,470 against the dollar on Tuesday, the same rate recorded on Monday.
This positive trend coincides with a significant increase in foreign currency transactions, which soared to $385.91 million on Tuesday from $161.69 million the previous day.
Recalled that the naira also appreciated against the dollar on Monday, trading at N1,483.62.