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Naira appreciates by 0.7% at official market

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The Naira appreciated at the official market on Tuesday trading at the N1,522.68 to a Dollar.

Data from the FMDQ Security Exchange official forex trading platform revealed that the local currency gained N10.95.

This represents a 0.7 per cent gain when compared to the trading figure on Monday when Naira closed trading at N1,533.63 to a Dollar.

Trading on the Investors and Exporters (I&E) Forex window on Tuesday recorded a high of N1,536.50 and a low of N1,521.50.

The Naira has enjoyed relative stability against the US dollar since Dec. 2024 following the introduction of the Electronic Foreign Exchange Matching System (EFEMS) by the Central Bank of Nigeria (CBN).

The apex bank followed up the interventions with additional reforms in Jan. 2025 leading to additional health for the local currency.

Analysts during the Nigerian Economic Summit Group (NESG) 2025 Economic Outlook noted that stabilised exchange rate will drive down inflation to boost the nation’s GDP.

Grace Alegba

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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