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The Naira has gained weight significantly against the US Dollar for the second consecutive time in the period of just one week at the foreign exchange market.
Figures from FMDQ indicate that the Naira appreciated N1542.58 per US dollar on Wednesday from 1,551.24 on Tuesday.
This shows a significant improvement of N8.63 or 0.6 per cent gain compared to the N1,551.24 recorded at the close of trading on Tuesday.
Accordingly, the Naira has gained N36.66 since Monday, when it traded for N1,574.62 per US dollar at the official forex market.
This is as the US dollar supply surged on Tuesday by 76.62 per cent, according to FMDQ data.
Furthermore, at the parallel market, the Naira dropped to N1,860 per US dollar on Wednesday from N1,740.00 on Tuesday.
The margin shows clearly that the margin between the official and parallel forex markets’ exchange rates has widened.
The development comes barely 24 hours after a clampdown on illegal Bureau De Change operators by officers of the Economic and Financial Crime Commission, EFCC, in Wuse Zone 4.
It would be recalled that in the past weeks, the Central Bank of Nigeria has introduced several policies to checkmate the continued fluctuations of the Naira in the FX market.
The latest policies by CBN were the new guidelines issued to stop the payout of Personal Travel Allowance, PTA, and Business Travel Allowance, BTA, in cash.