Naira gains massively against dollar

the Naira surged against the dollar just 24 hours after a significant dip, marking a notable comeback in the foreign exchange market. According to FMDQ data, the Naira appreciated to N1,555.75 per dollar on Wednesday, climbing from N1,637.59 on Tuesday, representing a strong N81 gain.

This rebound wiped out the previous day’s N57.13 depreciation, showcasing the volatility and resilience of the currency. Dayyabu Ashiru, a Bureau De Change operator in Wuse Zone 4, confirmed the appreciation, stating that the Naira was sold at N1,650 per dollar on Wednesday, improving from N1,660 on Tuesday.

The market witnessed a boost in foreign exchange transaction turnover, which jumped to $221.24 million on Wednesday, up from $197.37 million on Monday. This uptick in turnover reflects increased market activity and a renewed demand for the Naira.

The sudden appreciation has reignited hopes for a more stable exchange rate in the coming days as market participants and economic stakeholders keenly observe the unfolding trends in Nigeria’s foreign exchange landscape.