Naira Appreciates to N1,544.05/$ at Official Market

The Nigerian naira continued its upward trend against the United States dollar on Tuesday, gaining N1.05 at the official market.

According to data from the FMDQ, the naira strengthened to N1,544.05 per dollar, up from N1,545.10 exchanged on Monday.

Similarly, on the black market, the naira appreciated to N1,675 per dollar on Tuesday, from the N1,680 exchange rate on Monday.

Recall that over the past two days, the naira has strengthened against the dollar.

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This development comes as the Senate moved to ban the use of foreign currencies, such as the dollar, with the bill passing its first reading on Tuesday.