The Nigerian Naira appreciated by N73.39 at the official market on Tuesday, trading at N1,561.76 to the dollar, according to data from the FMDQ Exchange, the nation’s official trading platform.

This 4.48 percent gain represents a significant improvement from Monday’s exchange rate of N1,635.15 to the dollar. The positive movement comes as the nation grapples with a volatile exchange rate driven by various economic factors.

Additionally, the daily turnover in the official market saw a notable rise, increasing to $253.68 million on Tuesday, compared to the $126.24 million recorded on Monday. This surge in market activity signals renewed confidence in the Naira amidst ongoing efforts by the Central Bank of Nigeria to stabilize the currency.

At the Investor’s and Exporter’s (I&E) window, the Naira’s performance also reflected strong demand, trading between N1,650 and N1,540 per dollar.

This recovery brings cautious optimism to financial analysts, who continue to monitor the impact of the government’s recent economic policies on the nation’s foreign exchange market.