The Naira continued its upward trend on Wednesday in both the official and unofficial markets, closing at N1,300 and N1,270 respectively.
On Wednesday, the Naira saw further gains against the US dollar across various foreign exchange markets, according to data from both segments.
Market data from the FMDQ website shows that the Naira ended Wednesday at N1,300/$1, up from N1,382.95 on Tuesday.
This closing rate represents a 6.0 percent increase from Tuesday’s N1,382.95.
During the day, the Naira hit a high of N1,200 and a low of N1,460 against the dollar before settling at N1,300/$1.
The official market segment reported a foreign exchange turnover of $416.10 million during the business period, compared to $245.58 million on Tuesday.
In a similar vein, the Naira’s rise persisted in the parallel market on Wednesday.
A survey by our source in Abuja’s zone 4 area in the afternoon showed the Naira trading at N1,270/$1 and higher.
This implies a N30 or 2.31 per cent appreciation from N1,300 and above it traded in the previous session on Tuesday.
The recent gains recorded by the local currency at both the official and unofficial markets these past weeks came amidst ongoing efforts by the government to stabilise the currency and tame inflationary pressures in the country following an unprecedented drop in the currency value.
Nigeria’s naira has on several occasions plunged to record lows across both the official and unofficial markets amidst an increased forex demand and a surge in the prices of goods and services across the country.
This prompted the Nigerian government to put measures and reforms in place to safeguard the country’s foreign exchange market and combat speculative activities.
On Monday, The Central Bank of Nigeria (CBN) announced that it sold $10,000 to each Bureau De Change operator at a rate of N1,251 per U.S. dollar to address the lingering price distortions affecting the naira exchange rate in the forex markets.
Financial experts have attributed the recent gains of the naira to the ongoing reforms by the government
