Naira closes on the official market at N1,560.57/$1.

Tuesday's closing rate for the Nigerian Autonomous Foreign Exchange (NAFEM) was N1560.57 to $1, indicating a significant increase.

Compared to Monday's closing rate of N1,597.24/$1, this indicates a notable increase of N36.67, or 2.35%.

The Naira also continued to trade below the N1,600/$1 level for the second day in a row, continuing a nine-day streak that began on March 5, 2024.

Additionally, Tuesday's trading activity showed growth, as the daily turnover reached $195.13 million, a significant 38.93% increase from Monday's $140.45 million.

Additionally, data from FMDQ Securities shows that the daily turnover from the start of the year to March 18th, 2024, increased impressively by 4.34%, or $1.43 billion.

The naira saw a range of results against major foreign currencies on Tuesday at the Investors and Exporters (I&E) window.

A variation of N211.5/$1 was noted in the I&E FX market, with a top spot rate of N1626.5/$1 and a trough of N1,415.00.

 
The naira held steady in the parallel market, hovering around the benchmark of N1,600 per dollar. On Tuesday, the value of the national currency increased by 0.50% relative to the US dollar, from N1,608/$1.

 
On the other hand, there was a 0.25% depreciation of the pound sterling against it, resulting in a closing rate of N2,025/£1 as opposed to N2,030/£1.

 
However, the naira gained 0.29% vs the euro, closing at N1,720/€1 from Monday's rate N1,725 / €1.

As of March 18, 2024, the nation's foreign reserves have increased by $30.04 million to $34.450 billion, a slight rise of 0.09% from $34.420 billion the day before. Since February 13, 2024, or nearly three weeks ago, the reserves have been trending upward.