Naira strengthens massively against Dollars

The naira experienced a significant appreciation against the dollar on Wednesday in the official foreign exchange market.

According to FMDQ data, the naira strengthened to N1,543.84 per dollar, up from N1,592.06, marking an increase of N48.22.

This is the first gain for the naira this week after it had previously declined by N27.58 against the dollar on Monday and Tuesday.

In contrast, the parallel market saw the naira remain unchanged at N1,615 per dollar, the same rate as the previous day.

The Central Bank of Nigeria reiterated its commitment to stabilizing the country’s foreign exchange market in a statement released on Tuesday.