13th November, 2024
By Grace Alegba
The Naira made a notable recovery on Wednesday, appreciating to N1,645.40 against the dollar at the official market after three consecutive days of losses.
Data from the official trading platform, FMDQ Exchange, showed that the Naira gained N44.48, representing a 2.63 per cent improvement compared to Tuesday’s closing rate of N1,689.88 per dollar.
This positive movement signals a potential easing of pressures on the currency after a recent slump.
The trading session on Wednesday also recorded a significant increase in daily turnover, rising to 236.84 million dollars from the 106.44 million dollars traded on Tuesday.
The higher transaction volume reflects increased market activity and possibly growing investor confidence in the Naira.
At the Investors and Exporters (I&E) window, the currency traded within a range of N1,698.50 to N1,609.00 against the dollar, with market dynamics fluctuating as the Naira sought stability.
The recent appreciation in the Naira’s value aligns with interventions by the Central Bank aimed at bolstering the currency’s standing in the face of ongoing foreign exchange challenges.
Analysts suggest this gain could be short-term unless structural reforms are implemented to stabilise the market. (NAN)
