On Wednesday, the Nigerian naira continued its upward trajectory against the United States dollar, gaining strength in both the official foreign exchange market and the parallel markets.
Data from the FMDQ Securities Exchange revealed that the naira appreciated by N16 or 1.26 percent at the Nigerian Autonomous Foreign Exchange Market, with the dollar being quoted at N1,262.85 on Wednesday, an improvement from the previous rate of N1,278.58 per dollar recorded on Tuesday.
This development indicates that the local currency has maintained its positive momentum against the dollar, with expectations of further appreciation in its value.
The rise in the naira’s value is attributed to various foreign exchange policies implemented by the Central Bank of Nigeria, aimed at increasing the supply of dollars and improving transparency in the foreign exchange market.