Naira Gains Massively Against Dollar

The Naira significantly gained against the dollar at the foreign exchange market 24 hours after depreciation.

FMDQ data showed that the naira appreciated to N1,555.75 per dollar on Wednesday from N1637.59 on Tuesday.

This represents an N81 gain against the dollar compared to N1,637.59 exchanged on Tuesday.

Further analysis showed that the Naira’s appreciation on Wednesday surpassed the N57.13 depreciation recorded on the previous day.

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Similarly, Dayyabu Ashiru, a Bureau De Change operator in Wuse Zone 4 told DAILY POST that the naira gained to N1650 per dollar on Wednesday compared to N1660 on Tuesday.

“We sell at N1650 per dollar and buy at N1645 on Wednesday”, he said.

This comes as Foreign exchange transaction turnover stood at $221.24 million on Wednesday from $197.37 million on Monday.