Economy
Naira Makes Significant Gains Against Dollar at Official Market
The naira experienced a substantial appreciation against the dollar at the official foreign exchange market on Wednesday. According to data from FMDQ, the naira surged by N1543.84 per dollar, closing at N1,592.06—reflecting a notable gain of N48.22.
This marks the first time this week that the naira has posted gains in the official market, following a cumulative loss of N27.58 against the dollar on Monday and Tuesday.
However, in the parallel market, the naira remained stable, maintaining its exchange rate of N1615 per dollar, unchanged from the previous day.
The Central Bank of Nigeria (CBN) reaffirmed its dedication to stabilizing the country’s foreign exchange market in a statement issued on Tuesday, signaling continued efforts to support the naira.
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