Naira Strengthens At Official Market, Sells 1,262/$, Gains 1.23%

The Naira further gained at the official market, trading at N1,262.85 to a dollar.

Data from the official trading platform of the FMDQ revealed that the Naira gained N15.73 on Wednesday.

This represents a 1.23 per cent appreciation when compared to the previous day’s trading on Tuesday, exchanging at N1,278.58 to a dollar.

However, the total turnover increased to $166.18 million on Wednesday, up from $111.18 million recorded on Tuesday.

Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,296 and N1,210 against the dollar.

This means the local currency has steady dollar supply pushes naira to 1,262/$ continued its positive streak against the green with expectations of further appreciation.

The appreciation of the local currency was attributed to the several foreign exchange policies implemented by the Central Bank of Nigeria, to boost dollar supply and enhance transparency in the FX market.