Naira Recovers to N1,459.02/$ After Week-long Depreciation

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The naira made a remarkable recovery on Wednesday, bouncing back to N1,459.02 per dollar after experiencing depreciation for a week in both the official and unofficial foreign exchange markets.

This represented a significant 4.21% appreciation compared to the previous day’s rate of N1,520.40, according to data from the FMDQ Securities Exchange Limited.

The uptick in the value of the naira was fueled by increased dollar supply, with transactions between willing buyers and sellers surging by 124.56% to $289.14 million on Wednesday from $128.86 million the day before. However, despite this positive trend, the intraday high closed slightly weaker at N1,593 per dollar, while the intraday low depreciated to N1,401, indicating some volatility in the market.

Street trading also saw mixed performance, with instances of both appreciation and weakening. While the naira concluded at N1,530 per dollar on Tuesday, it demonstrated strength by exchanging at N1,520/$1 in certain trading areas, although it dipped to N1,550 in others.

Source: Business Day

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