Naira appreciates massively against dollar

The naira appreciated massively against the dollar at the official foreign exchange market on Wednesday.

FMDQ data showed that the naira gained N1543.84 per dollar on Wednesday from N1,592.06.

This represents a significant N48.22 appreciation.

A further analysis showed that this is the first naira gain this week at the official market.

This comes after the naira lost N27.58 against the dollar on Monday and Tuesday.

Meanwhile, on the parallel market, the naira remained flat at N1615 per dollar on Wednesday, the same exchange rate as the previous day.

The Central Bank of Nigeria, in a statement on Tuesday, reiterated its commitment to stabilising Nigeria’s foreign exchange market.