The naira appreciated in the official market, as it traded at N1,597/$1 on Wednesday, a 0.19% improvement from Tuesday’s rate of N1,600/$1.
This appreciation marks the naira’s first significant improvement against the U.S. dollar after it held almost the same rate for three consecutive days.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira traded as high as N1,603/$1 to as low as N1,580/$1 during Wednesday’s session before finally setting at the rate of N1,596.69/$1.
In the parallel market, the naira declined slightly from the previous day’s rate of N1,605/$1 to N1,606/$1.
While the British pound held steady at its previous rate of N2,100/£1. Meanwhile, the euro lost 0.28% as the naira appreciated to N1,775/€1 on Wednesday.
The naira improvement against major foreign currencies in the foreign exchange market reflects the ongoing efforts of the Central Bank of Nigeria (CBN), as the naira’s performance indicates resilience and the potential effectiveness of recent monetary policies.
