The Nigerian currency Naira experienced a significant surge in value on Wednesday, rebounding from Tuesday’s decline.
According to FMDQ data, the Naira strengthened to N753.65 per dollar, representing a substantial N116.91 gain.
This upward swing surpasses the loss recorded on Tuesday, indicating a notable recovery in the foreign exchange market. Specifically, the Naira appreciated from N1656.56 per dollar on Tuesday to N1539.65 per dollar on Wednesday.
In contrast, the parallel market witnessed stability, with the Naira maintaining its rate of N1,660 per dollar for the second consecutive day.
Market analysts attribute the Naira’s volatility to ongoing fluctuations in the foreign exchange market. Despite this, Wednesday’s gain offers optimism for the currency’s stability.
Key Market Statistics:
– Official Market Rate: N1539.65/USD
– Parallel Market Rate: N1,660/USD
– Gain: N116.91
As the Naira continues to navigate market dynamics, stakeholders remain cautious, monitoring developments that may impact the currency’s value.
