Victor EzejaThe Nigerian Naira has continued appreciation, trading below N1,300/$1 for the second day after three months at both official and parallel foreign exchange markets windows.
This resurgence of appreciation of the naira is coming after the value tanked in January, hitting its lowest at over N1,600 per dollar.
According to the Nigeria Autonomous Foreign Exchange Market (NAFEM) data published on the FMDQ Securities and Exchange platform, the naira closed trading on Wednesday at N1,262.85/$1.
This reflects an increase of N16 or 1.23 per cent from N1,278/$1 recorded on Tuesday at the official market.
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The data also reveals an intraday high of N1,296.00 and low of N1,210.00 on Wednesday. The daily forex turnover was $166.18 million, an increase of $55 million or 4.94 per cent from $111.18 million the previous day.
At the parallel market which forex is unofficially traded, exchange rate ₦1,260.00 per dollar.
The naira has been on a gaining streak for the past one month in the foreign exchange market as the Central Bank of Nigeria (CBN) continues its relentless push to achieve stability in the market.
Analysts have predicted that the naira appreciation would continue at least in the next one month following the apex bank’s commitment to its monetary policy measures aimed at boosting liquidity in the forex market.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
