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Naira gains against dollar
At the official foreign exchange market on Wednesday, the naira saw a sharp increase in value relative to the dollar.
The naira increased from N1,592.06 to N1543.84 per dollar on Wednesday, according to FMDQ data. This is a noteworthy appraisal of N48.22. Subsequent investigation revealed that this is the official market's first naira gain of the week.
This occurs after the naira dropped N27.58 on Tuesday and Monday versus the US dollar. Conversely, the naira held steady at N1615 per dollar on the black market on Wednesday, maintaining the same exchange rate as the day before.
In a statement released on Tuesday, the Central Bank of Nigeria reaffirmed its dedication to stabilising the country's foreign exchange market.
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