Friday, July 17, 2026

Naira gains N3.31 against dollar at official market

At the Investor’s and Exporter’s (I&E) window, the naira traded between N1,549.00 and N1,401.00 against the dollar.

• May 21, 2024
Naira and Dollar
Naira and Dollar

The naira gained N3.31 at the official market on Tuesday, trading at N1,465.68 to the dollar.

Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a 0.22 per cent appreciation for the naira compared to Monday’s rate of N1,468.99 to the dollar.

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 (I&E) window, the naira traded between N1,549.00 and N1,401.00 against the dollar.

The Association of Bureau De Change Operators of Nigeria (ABCON) 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.

Mr 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.

Mr 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.

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Babajide Sanwo-Olu

Lagos

Governor Sanwo-Olu inaugurates climate investment fund

Mr Sanwo-Olu described the fund as a landmark intervention. 

Kano-Daura rail project

NationWide

NRC reaffirms police partnership to protect rail assets

Mr Opeifa described the nation’s railway infrastructure as critical national assets that must be safeguarded. 

Taraba college of education

Education

Taraba college of education to commence degree programmes

The provost assured parents of uninterrupted academic activities.