Naira strengthens against dollar in forex market - Android Pols

By Suleiman Inuwa Thursday, May 30, 2024 0

Naira strengthens against dollar in forex market

According to FMDQ data, the Naira strengthened to N1329.65 on Wednesday, up from N1339.33 on Tuesday, marking an N9.68 improvement against the dollar from the previous day's trading at the foreign exchange market.

On Wednesday, the Naira saw an increase in value against the dollar at the official foreign exchange market, coinciding with President Bola Tinubu's first year in office.

According to FMDQ data, the Naira strengthened to N1329.65 on Wednesday, up from N1339.33 on Tuesday, marking an N9.68 improvement against the dollar from the previous day's trading at the foreign exchange market.

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In a similar trend, the parallel market recorded the Naira climbing to N1480 per dollar on Wednesday, a rise from N1500 noted the day before.

However, this rate is significantly different from the exchange rate in May 2023, which was N460.702 per dollar, following the Naira's floatation by the Tinubu administration in June 2023 and again in January 2024.

This event occurs as the Association of Bureaux De Change Operators in Nigeria calls for the Central Bank of Nigeria to reconsider the minimum capital requirements for its members.