Dollar crashes against naira at official market

The Naira gained N28.34 at the official market, trading at N1,468.99 to the dollar.

Data from the Financial Market Dealers Quotation (FMDQ) Exchange, on Monday, May 20, 2024, revealed that the gain represented a 1.89 per cent appreciation for the Naira.

The percentage increase is impressive when compared to the previous trading date on Friday, May 17, 2024 when the local currency traded at N1,497.33 to the dollar.

Also, the volume of currency traded appreciated as the total daily turnover increased to 161.41 million dollars on Monday up from 83.50 million dollars recorded on Friday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,550 and N1,400 against the dollar.