The Naira saw a slight improvement against the US dollar in the foreign exchange market on Wednesday. According to data from FMDQ, the Naira experienced a marginal appreciation to N1082.32 against the dollar, although it remained within the 1000 per dollar range.
The domestic currency exhibited a 0.66% gain, closing at N1082.32 to a dollar at the end of the business day, compared to the N1,089.51 per dollar it was valued at on Tuesday.
Likewise, at the parallel market, the Naira showed a slight uptick, trading at N1240 per dollar, marking a 0.40% appreciation from the previous day’s rate.
These developments unfolded alongside a noteworthy surge in forex turnover, which soared by 148.95% to $242.60 million on Wednesday.
The Naira’s ascent coincided with the Nigerian government’s receipt of a $2.25 billion foreign exchange boost loan from the African Import-Export Bank approximately a week ago.
