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.
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.
This was quickly accompanied by the removal of restrictions
on inflows into domiciliary accounts. On Tuesday, the apex bank pegged daily
transaction limits to N50,000 for contactless payment.
The moves seemed to be yielding gains with Nigeria’s stocks
rising to a two-month high in May. Later on June 13, the country’s bonds raced
to a five-month high after the president suspended Godwin Emefiele as the
central bank governor.
Investors considered Emefiele’s exit to be an end to a raft
of policies that have kept foreign investments away from Africa’s largest
economy.
“Glad to see President Bola Tinubu taking concrete steps to
scrap Nigeria’s harmful government subsidies and multiple exchange rates,”
David Malpass, former president of the World Bank, had said.
“These are important steps toward currency stability, lower
inflation, and reduced corruption in Africa’s most populous country.”
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