Naira rebounds, gains N28.15 against Dollar

Naira witnessed a steady fall about two weeks ago by exchanging at N1,419 to a dollar.

The naira on Tuesday closed the month of April on a good footing as it gained N28.15 at the official market, trading at N1,390.96 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market indicated that the gain represented a 1.98 per cent appreciation for naira.

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The percentage increase is significant compared to the previous trading date on Monday, April 29.

The local currency for about two weeks recorded a steady fall by exchanging at N1,419 to a dollar.

The success story was replicated in the volume of currency traded, as the total daily turnover increased.

The daily turnover stood at $225.36 million on Tuesday up from $147.83 million recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s window, the naira traded between N1,450 and N1,200 against the dollar.