The Naira on Monday experienced huge appreciation at the official market, trading at N1,339.33 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the currency gained N143.48
This represents a 9.67 per cent gain when compared to the previous trading date on Friday, May 24, 2024 exchanging at N1,482.81.
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However, the total daily turnover reduced to $180.80 million on Monday down from $556.25 million recorded on Friday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,501 and N1,310 against the dollar.
It is the currency of Nigeria. One naira is divided into 100 kobo.
The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federal Republic of Nigeria.
It controls the volume of money supplied in the economy to ensure monetary and price stability.
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959.
The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the country’s external reserves, promote monetary stability and a sound financial environment, and act as a banker of last resort and financial adviser to the federal government.
NAN
