The Naira appreciated massively against the US Dollar at the foreign exchange market on Tuesday.
Data from FMDQ showed that the Naira depreciated to N878.61 on Tuesday from N925.45 on Monday.
The figure represents N46.73 gain or a 5.05 per cent gain to close at N878.61 in the local currency compared to the N902.45 per US Dollar it closed on Monday.
This is the first time the country’s currency has strengthened against the Dollar this week.
Meanwhile, the Naira remained unchanged at the parallel market, trading at N1360 per dollar, the same as the previous day.
The development comes as forex turnover at the close of the trading on Tuesday was $58.46 million, representing a 20.28 per cent decrease compared to the previous day.
The Central Bank of Nigeria governor, Olayemi Cardoso, will hold his first Monetary Policy Committee meeting since resuming office on February 26 and February 27, 2024