Naira Gains At I&E Window Amid Sallah Celebration

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Naira Gains At I&E Window Amid Sallah Celebration

The naira, on Tuesday, appreciated by 0.67 percent to N763 to a dollar at the investors and exporters (I&E) window.

Figures from the FMDQ Securities Exchange, a platform that oversees foreign exchange trading in Nigeria, show that the greenback was quoted at the rate of N763 as against N768.17 quoted on Monday.

The local currency, which opened on Tuesday at N760.50, recorded a high of N841 and a low of N467.

The daily foreign exchange market turnover rose by 23.98 percent to $245.65 million from $198.13 million published in the previous market session on Monday.

Meanwhile, the greenback was sold at N760 at the parallel section of the market, Bureaux De Change operators (BDCs) in the Ikeja area of Lagos, told newsmen.

Since President Bola Tinubu made a case for the revamping of monetary policy in his inaugural speech on May 29, Nigeria has shown seriousness in critically reforming the financial sector.

The Central Bank of Nigeria, on June 14, announced the unification of all segments of the forex exchange (FX) market, signalling the floating of the naira.