On Wednesday, the Nigerian Naira experienced an appreciation at the official market, trading at N1,459.02 to the dollar. This marks a significant gain of N61.38, representing a 4.04% increase compared to the previous trading day when the Naira exchanged at N1,520.40 to a dollar.
Data from the official trading platform of the FMDQ Exchange also indicates a notable increase in the total daily turnover, which rose to 289.14 million dollars on Wednesday, up from 128.76 million dollars recorded on Tuesday.
However, at the Investor's and Exporter's (I&E) window, the Naira traded within the range of N1,593 and N1,401 against the dollar, showing a different trend compared to the official market.
The appreciation of the Naira at the official market is a positive development that may be attributed to various factors, including increased forex supply and improved market dynamics. This development will be closely monitored to assess its sustainability and impact on the economy.
