The Naira gained N81 against the dollar, earning N1,555.75 from N1,637.59 within 24 hours. Bureau de Change operators confirmed a similar improvement, with rates improving to N1,650 per dollar. Foreign exchange transaction turnover also increased, reaching $221.24 million on Wednesday, up from $197.37 million on Monday.
The Naira saw a notable recovery against the U.S. dollar on Wednesday, strengthening after a period of depreciation in the foreign exchange market. Data from FMDQ revealed that the Naira appreciated N1,555.75 per dollar, up from N1,637.59 on Tuesday, marking a significant gain of N81. This improvement followed a N57.13 loss the previous day.
Bureau de Change operators also confirmed the Naira's gain. According to Dayyabu Ashiru, an operator in Wuse Zone 4, Abuja, the exchange rate for the Naira improved to N1,650 per dollar on Wednesday, down from N1,660 on Tuesday. Ashiru stated, "We sell at N1,650 per dollar and buy at N1,645."
The foreign exchange transaction turnover also increased during this period, with Wednesday’s volume reaching $221.24 million, compared to $197.37 million recorded on Monday. This upward shift comes as the market continues to react to the fluctuating economic conditions in Nigeria. The gains are viewed as a positive sign, providing some relief amidst the recent volatility in the currency exchange market.
