The Nigerian naira experienced a positive upswing on Tuesday, strengthening by 6.58% to close at N742.93/$ at the investors and exporters (I&E) window.

This improvement comes after the currency reached an all-time low of N803.9/$ just two sessions prior.

Data from FMDQ Securities Exchange, responsible for overseeing foreign exchange (FX) trading in Nigeria, revealed that the naira reached a high of N831 and a low of N707.99 before settling at N742.93.

The FX turnover also saw a significant increase, rising by 352.36% to $156.29 million compared to the previous market session’s $34.55 million.

In the parallel/black market, the dollar was sold at N825 according to Bureaux De Change operators in Lagos, while on Monday, it was sold at N827.

Despite these positive developments, Nigeria’s headline inflation rate continued to rise, reaching 22.79% in June 2023, marking the sixth consecutive increase.

The National Bureau of Statistics (NBS) provided further explanation for the slight surge in inflation despite the removal of petrol subsidy and the unification of exchange rates on consumer prices.