Naira Appreciates Significantly Against Dollar After Previous Day’s Depreciation
The Naira appreciated to N1,555.75 per dollar on Wednesday from N1,637.59 on Tuesday, marking a significant N81 gain in the foreign exchange market after previous depreciation.
The Naira made a strong comeback against the dollar at the foreign exchange market, gaining significantly just 24 hours after a sharp decline. According to data from FMDQ, the Naira appreciated to N1,555.75 per dollar on Wednesday, up from N1,637.59 recorded on Tuesday, marking an impressive N81 gain.
This positive shift contrasts with the previous day’s depreciation of N57.13, highlighting the currency’s resilience amid ongoing fluctuations in the market.
Dayyabu Ashiru, a Bureau De Change operator based in Wuse Zone 4, Abuja, confirmed the improvement to DAILY POST, stating that the Naira traded at N1,650 per dollar on Wednesday, a rise from N1,660 on Tuesday. “We sell at N1,650 per dollar and buy at N1,645 on Wednesday,” Ashiru said.
Meanwhile, foreign exchange market turnover also saw a notable increase, reaching $221.24 million on Wednesday compared to $197.37 million on Monday. The recent appreciation in the Naira provides a much-needed boost to market sentiment, although the currency’s volatility remains a point of concern for traders and analysts alike.
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