The Naira gained N3.31 in the official market on Tuesday, trading at N1,465.68 per dollar.
According to data from the FMDQ Exchange, which manages the Nigerian Autonomous Foreign Exchange Market, this represents a 0.22 per cent increase from Monday’s rate of N1,468.99 per dollar.
According to News Agency of Nigeria, NAN, the volume of currency traded also increased, with the total daily turnover rising to $268.17 million on Tuesday from $161.41 million on Monday.
At the Investor’s and Exporter’s window, the naira traded between N1,549.00 and N1,401.00 against the dollar.
The Association of Bureau De Change Operators of Nigeria commended the CBN’s reforms for the naira’s appreciation at the official market.
ABCON president Aminu Gwadabe urged the CBN to sustain policies benefiting the local currency.
Gwadabe cited multifaceted efforts through fiscal and monetary policies, alongside security agency interventions, as key to the naira’s recovery.
“Volatility is like runoff water; if not directed, it will direct itself. I am happy to see multiple agencies coming together to confront these challenges,” he said.
Gwadabe called for technological upgrades and collaboration among operators, regulators, the government, and security agencies.
He noted that this was to improve control over the foreign exchange market and establish a bylaw to mitigate volatility.