On Tuesday, November 19, the naira strengthened by 0.67% at the official market, trading at N1,678.93 to the dollar. This marks a positive reversal after the currency had experienced a three-day losing streak, providing some relief to traders and businesses.
According to data from the official trading platform of the FMDQ Exchange, the naira gained N11.44 compared to the previous trading day’s rate of N1,690.37 per dollar on Monday, November 18. The appreciation comes amid ongoing fluctuations in the currency market.
Despite the recovery in the naira’s value, the total daily turnover recorded a notable decline, dropping to $128.59 million on Tuesday, which was lower than the $173.14 million reported on Monday. This decrease in turnover suggests a reduction in trading activity.
At the Investor’s and Exporter’s (I&E) window, the naira traded within a range of N1,698 and N1,631 against the dollar, reflecting the continued volatility in the exchange rate.
