Naira strengthens to N806.73/$ at official market, stable on parallel window
Nigeria’s Naira strengthened to N806. 73 to the dollar at the official foreign exchange (FX) market on Tuesday, as against N837.77 to the greenback which it closed at, on Monday. Dealers said the local currency’s appreciation followed a moderation in dollar demand at the official foreign exchange market. At the close of trading on Monday, the dollar was quoted at N837.77, stronger than N927.19 quoted on Friday at the Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ indicated. Advertisement Willing buyers and willing sellers quoted dollars at a bid rate of N1,021, stronger than N1,160/$1 offered on Friday as the higher bid rate on the spot trading. The lower bid rate remained steady at N701 per dollar on the spot. Dollar supply decreased on Monday as the daily foreign exchange market turnover dropped by 32.87 percent to $73.93 million from $110.14 million recorded on Friday. Similarly, the naira recorded a day stability on Tuesday as it closed at N1, 165 to the US dolla