According to data compiled from the FMDQ Securities Exchange, the naira closed trading at ₦1,410/dollar at the parallel market and ₦1,492 at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday.
The Naira’s gain at the official market indicates a 4.55% increase from the ₦1,560/$1 recorded the previous day – Tuesday at NAFEM, and a gain of 13.5% or ₦190 at the parallel market.
The increased dollar supply reduced the strain on the naira/dollar exchange rate as Nigeria’s external reserves have also recorded significant growth over the past month.
