Naira Rebounds Against US Dollar, Marks 3.81% Gain in Official Market

In a noteworthy turn of events, the naira experienced a positive shift, putting an end to its two-day decline against the US Dollar at the official market.

The exchange rate between the naira and the dollar surged to N818.99/$1 on Wednesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), showcasing a remarkable N31.23 gain or a 3.81% increase compared to the N850.22 recorded on Tuesday.

Throughout the trading day, the naira demonstrated a wide spread against the dollar, reaching an intraday high of N1100/$1 and a low of N751.00/$1. This spread amounted to N348.78/$1, as indicated by data from the official NAFEM window. Forex turnover at the close of trading stood at $173.51 million, reflecting a significant 20.87% increase compared to the preceding day.

In parallel forex markets, where currency is unofficially traded, the naira also appreciated slightly, closing at N1137/$1 in contrast to the N1140/$1 reported on Tuesday—a marginal 0.03% improvement. Peer-to-peer traders quoted approximately N1127.01/$1.

In other currency news, the British Pound saw a slight uptick against the naira, settling at ₦1,356/£1, while the Euro also recorded an appreciation, reaching ₦1,172/€1.

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