In a promising turn of events in the financial markets, the Naira has shown signs of strength against the US Dollar in the official foreign exchange market. This week, the Nigerian currency appreciated by 0.7%, marking a notable increase in value. According to the FMDQ Securities, on Monday, July 5, 2024, the Naira closed at N1,509.67 to $1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM), a slight improvement from last Thursday’s rate of N1,520.24 to $1. Despite this uptick, the volume of transactions saw a significant decline, dropping 32.6% to a total of $116.88 million from the previous session’s $173.51 million.

https://www.sunrise.com.ng/naira-shows-resilience-in-official-forex-market-faces-challenges-elsewhere/