In a remarkable rebound, the Nigerian Naira showed its resilience by gaining 0.79 percent, equivalent to N8, against the US Dollar as the foreign exchange (FX) market resumed operations following the independence holiday.
The market greeted traders with the dollar trading at N1,000 on Tuesday, a significant improvement from N1,008 on the previous Friday at the parallel market.
Meanwhile, at the Investors’ and Exporters’ (I&E) forex window, the Naira exhibited even greater strength, appreciating by an impressive 2.59 percent. The dollar was quoted at N755.27 on Friday, a remarkable shift from N775.31 quoted on Thursday of the previous week, according to data sourced from FMDQ.
This resurgence of the Naira post-independence holiday reflects renewed confidence in the currency and offers a positive outlook for the foreign exchange market.
