Naira appreciates 4.49% against the dollar, closing at N1,561.76

The Nigerian naira strengthened significantly against the US dollar on Tuesday, closing at N1,561.76 in the official Investor and Exporter (I&E) window.

This represents a 4.49 percent appreciation from the previous day’s rate of N1,635.15.

The surge in the naira’s value coincided with a doubling of market turnover to $253.68 million, up from $126.24 million the previous day.

Global oil prices remaining steady above $77 per barrel also contributed to the currency’s appreciation.

During the trading session, the naira fluctuated between a high of N1,650.00 and a low of N1,540.00.

The cumulative turnover for September stood at $3.3 billion.

In the parallel market, the naira opened at N1,619.3 per dollar and closed at N1,621.03, showing slight fluctuations throughout the day.

Persecondnews reports that the naira’s appreciation comes as a welcome relief, considering its 70 percent depreciation since January.

The currency’s value had plummeted to a record low of N1,616.53 per dollar in February but briefly recovered in March.

Experts attribute the recent strengthening to the Central Bank’s strategic moves, including sourcing jet fuel locally from the Dangote Refinery.

This arrangement will ease pressure on Nigeria’s foreign exchange reserves and attract increased investment interest.

The development could boost market confidence, supporting the naira’s further appreciation and stabilizing the economy.

As the country’s foreign exchange market continues to evolve, analysts remain optimistic about the naira’s prospects.