The Naira experienced an appreciation against the U.S. Dollar at the official foreign exchange market for the first time since last week. According to data from the FMDQ, the Naira strengthened to N1,678.93 per dollar on Tuesday, up from N1,690.37 per dollar on Monday, marking a gain of N11.77.

This is the first instance of the Naira appreciating against the dollar in the official market since November 13, 2024, when the exchange rate closed at N1,645.

However, in the parallel or black market, the Naira remained unchanged at N1,745 per dollar on Tuesday, which was the same exchange rate as on Monday. In terms of trading volume, the turnover for foreign exchange transactions dropped significantly, falling to $173.14 million on Monday, compared to $296.63 million recorded on the previous Friday, as per FMDQ data.