The Nigerian naira experienced a 1.79% appreciation against the United States dollar on the Investor & Exporter (I&E) forex window, closing at N756.61/$ on Tuesday.

This positive movement followed a slump in the local currency on Monday, where it closed at 770.38/$ compared to Friday’s closing rate of 686.96/$.

According to data from the FMDQ, trading on Tuesday started at 701.75/$ and reached a high of 781/$ before settling at 756.61/$.

The turnover improved to $134.47 million on Tuesday from $78.03 million on Monday.

On the parallel market, the naira was bought and sold at 750/$ and 760/$, according to Bureau de Change operators.

The Central Bank of Nigeria had recently directed Deposit Money Banks to eliminate the rate cap on the naira at the I&E window, allowing for a free float of the currency.

Economists, including Prof. Segun Ajibola, expressed the need to expand foreign exchange sources and take advantage of OPEC crude oil export quotas to ease pressure on both official and unofficial markets and achieve a desired unified exchange rate.