The Naira is back to appreciation against the dollar at the official foreign exchange market 24 hours after it depreciated.
Central Bank of Nigeria exchange rate data for Tuesday showed that the Naira strengthened to N1 525 to the dollar from N1 538.50 traded on Monday. This represents a gain of N13.5 to the dollar compared to N1,538.50 traded the day before.
Meanwhile, the Nigerian Naira failed to appreciate as it closed at N1 665 per dollar on Tuesday compared to N1 630 traded on Monday.
The the naira weakened for the first time in the foreign exchange market on Monday, as the CBN introduced the Electronic Exchange Matching System (EFEMS) for transparent foreign exchange transactions.
Economists are optimistic that if the naira can maintain its gains against the dollar in the foreign exchange market, this will affect the price of imported goods
