The Naira recorded a significant gain at the official market represents an appreciation of N68 or 4.5 per cent, from the N1,560/$1 recorded on Tuesday.
13.5 per cent or N190 gain was also recorded at the parallel market.
Findings show that there is a significant drop in the stocking of dollars by speculators following waning demand by prospective buyers amid CBN clampdowns.
It would be recalled that the Central Bank of Nigeria has released series of circulars warning currency speculators and racketeers to desist from exploiting the loopholes.
Moreso, the CBN also put measures in place to block the loopholes and plug leakages.
Also, the recent clampdowns on the activities of illegal BDC operators in Lagos, Abuja and Kano by the operatives of the Economic and Financial Crimes Commission have helped to reduce the volatility of the naira.
A Bureau De Change Operator at Wuse 2, Abuja, Ibrahim Yahu, said on Wednesday that the greenback was bought at the rate of N1400/$1 and sold at N1500/$, allowing operators to make a spread of N100/$1.
He said, “The highest I can buy from you is N1400/$ but we are selling at N1500/$.
He noted that some persons bought at the rate N1,300/$ during the daily trading activity.