we\ The Naira is back to appreciation against the dollar at the official foreign exchange market 24 hours after it depreciated.
The Central Bank of Nigeria exchange rate data for Tuesday showed that the Naira strengthened to N1,525 per dollar from N1,538.50 traded on Monday. This represents an N13.5 gain against the dollar compared to the N1,538.50 exchanged the previous day.
Meanwhile, the black market Naira failed to appreciate, closing at N1,665 per dollar on Tuesday from N1,630 traded on Monday.
The Naira had weakened for the first time in the FX market on Monday since the CBN introduced the Electronic Foreign Exchange Matching System (EFEMS) for transparent FX transactions.
Economists are optimistic that if the Naira can maintain its gain against the dollar in the FX market, it could impact the price of imported goods.
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