The Naira on Wednesday appreciated at the official market, trading at N1,459.02 to the dollar.
Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N61.38.
This represents a 4.04 per cent gain when compared to the previous trading date on Tuesday, when the local currency exchanged at N1,520.40 to a dollar.
Also, the total daily turnover increased to 289.14 million dollars on Wednesday up from 128.76 million dollars recorded on Tuesday.
At the Investor’s and Exporter’s, I&E, window, the Naira traded between N1,593 and N1,401 against the dollar.
The naira appreciation was helped by increased dollar supply by willing buyers and willing sellers, which rose significantly by 124.56 percent to $289.14 million on Wednesday from $128.86 million recorded on Tuesday.
According to the FX market summary released on Wednesday by the FMDQ, the intraday high closed at N1,593 per dollar on Wednesday, weaker than N1,563 closed on Tuesday. The intraday low also depreciated to N1,401 on Wednesday as against N1,350 per dollar on Tuesday.
In the realm of street trading, the Naira showcased a mixed performance, with instances of appreciation and weakening. On Tuesday, the local currency concluded at N1,530 per dollar. However, it displayed strength by exchanging at N1,520/$1 in certain trading areas while in others, it dipped N1,550.
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