The naira made more advances against the dollar yesterday, according to the latest figures. Data from securities exchange FMDQ showed Nigeria’s currency strengthened to N1,262.85 per greenback, up N15.73 from Tuesday’s rate.
That marks around a 1.23% increase, building on recent gains for the local unit. Even better for traders, total trade volume jumped over 40% from the previous session to $166.18 million.
At the alternate Investors and Exporters window, the currency held steady in a range of N1,296 to N1,210 versus the buck.
It’s encouraging signs for the naira, which has faced pressure in recent years. Authorities will hope stability continues to be maintained across forex markets. With inflationary concerns for consumers too, a steadily appreciating trend eases import costs and could support prices.
More resilient showings from Nigeria’s currency bodes well as authorities aim to attract foreign flows, seen as crucial to economic diversification goals. Fingers crossed the positive momentum endures in the weeks ahead.
