Naira records marginal gain against Dollar, exchanges at N791.42 in official window

The Naira on Tuesday appreciated against the dollar, exchanging at N791.42 at the Investors and Exporters window.

According to NAN, the Naira gained by 0.08 per cent compared with N792.04 which it exchanged for the dollar on Monday.

The open indicative rate closed at N779.50 to the dollar on Tuesday.

A spot exchange rate of N845 to the dollar was the highest rate recorded within the day’s trading before it settled at N791.42.

The Naira sold for as low as N730 to the dollar within the day’s trading.

On Tuesday, $51.55 million were traded at the investors’ and exporters’ window.

Since the Central Bank of Nigeria introduced foreign exchange market reforms, the forex window has been fluctuating.

Yusuf Muda, the Director of the Centre for the Promotion of Private Enterprise, had advised the apex bank on policy intervention to curb the forex market volatility.

Meanwhile, Folashodun Shonubi, the Acting CBN governor, assured of an improved forex market in a briefing on Tuesday after its Monetary Policy Committee meeting.

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