After three consecutive days of depreciation, the Nigerian naira saw a marked recovery in the official foreign exchange market on Wednesday, trading at N1,645.40 per dollar.
This appreciation reflects a gain of N44.48 against the dollar, marking a 2.63% increase from Tuesday’s rate of N1,689.88. Alongside this boost, the daily dollar turnover in the foreign exchange market surged to $236.84 million, compared to $106.44 million the day prior, as recorded by the FMDQ Exchange trading platform.
At the Investors’ and Exporters’ (I&E) window, a crucial platform for foreign exchange transactions, the naira traded within a range of N1,609 to N1,698.50 per dollar, highlighting some degree of volatility but showing signs of increased demand and trading volume.
Market analysts have noted that increased trading volume, as seen in Wednesday’s spike in daily turnover, often reflects greater liquidity and stability in the currency market. This upward momentum, if consistent, could support a more balanced and resilient naira in the coming months. Nonetheless, to sustain these gains, Nigeria’s monetary policies may need to encourage investment inflows, curb inflation, and manage external reserves effectively.
Salamatu Nuhu is a seasoned journalist with WikkiTimes, where she serves as the Bureau Chief for Northwest Nigeria. Her work focuses on enriching regional news coverage and creating impactful content, including the Unheard Voices podcast, the Accountability Dashboard podcast, and a wide range of compelling news stories
She also contributes to the journalism community as the Secretary of the Jigawa State chapter of the National Association of Women Journalists (NAWOJ), where she advocates for gender inclusion and professional excellence in media.
