Naira records appreciation against dollar as FX turnover increases

The naira recorded its first gain against the dollar on the foreign exchange market on Tuesday as FX transaction turnover increased.

The FMDQ data showed that the naira gained N2.33 at N1594.27 per dollar on Tuesday from N1596.60 exchanged on Monday.

At the black market, the naira remained flat at N1620 per dollar on Tuesday, the same as on Monday.

This comes as foreign exchange transaction turnover increased to $156.94 million on Tuesday from $102.93 million on Monday.

The Central Bank of Nigeria on Monday raised the Standing Lending Facility rate to 31.75 per cent to boost stability within the financial sector.