The Naira on Tuesday strengthened in the official market, rising to 1,630.45/$ from 1,670.65/$ in the previous trading session, reflecting a 2.41 per cent appreciation.
Data from the FMDQ Exchange, home to the Nigerian Autonomous Foreign Exchange Market, indicated that daily turnover also saw a significant increase.
At the close of trading, turnover reached $242.59 million, marking a 198.86 percent rise from $81.17 million recorded on Monday, which suggests improved liquidity in the market.
The naira at the official market traded at a high of 1,690/$ and a low of 1,601/$.
Meanwhile, the FGN Treasury Bills Market reflected similar trends, with trades executed on the newly issued 364-day bills at a yield of 20.30 percent.
There was notable demand for the January 23 NTB bid, which was set at 21.34 percent, although offers were limited. Conversely, the April 10 bill was primarily offered at 23.30 percent, but there were no bids to match this offer.
Day-on-day, the average benchmark yield declined by two points to 24.20 per cent.
Analysts at Comercio Partners anticipate a calm session in the Treasury bills market segment.
On the Bonds Market, a similar calm session was recorded but with a bullish bias. Day-on-day, the average benchmark yield remained at 18.77 per cent.
