Naira recorded a marginal gain against the US dollar on Tuesday as the supply of foreign currencies surged by 202.97 per cent to $271.50 million at the foreign exchange market.
Data from FMDQ showed that the Naira appreciated N1,499.07 per US dollar on Tuesday from N1,534.39 on Monday.
This represents a 2.36 per cent or N35.32 appreciation compared to N1,534.39 recorded at the close of trading on Tuesday.
Meanwhile, at the Parallel Market, Naira dropped to N1,517 per Dollar on Tuesday from N1,495 on Monday.
DAILY POST gathered that since the Central Bank of Nigeria introduced ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms on January 29, the country’s exchange rate hovers around N1,400 to over 1,500 per US dollar.
Meanwhile, CBN governor, Olayemi Cardoso assured of exchange rate stability when he spoke at an interface with the Senate Joint Committee on Banking, Insurance and Financial Institutions in Abuja on Friday.
Naira appreciates against US dollar as FX supply surges by 202% at forex market
