The Naira appreciated against the US dollar at the official market on Wednesday, closing at NGN801.10/$1 at the end of the day’s trading session.
The local currency’s appreciation in exchange value at the official market represents a 5.83% increase from the N847.77/$1 it traded at the close of the previous day’s session.
According to data obtained from the official NAFEM window, the intraday high stood at N891/$1, compared to the intraday low of N730/$1, representing a spread of N161/$1.
Also, the FX turnover for the day was $100.18 million, representing a 13.71% increase compared to the previous day.
At the parallel market, the Naira sustained its depreciating trend, trading as low as N1310/$1, while at the peer-to-peer window it traded around N1293.75/$1.
Early this morning, investigations at the parallel market in the Federal Capital Territory (FCT) reflected that cryptocurrency traders were quoting as high as N1295.22/$1.
Meanwhile, the nation’s external reserves marginally rose to $33.295 billion, indicating a seven-day gaining streak.
The external reserves had hovered around $33 billion since July 2023 as the country’s inability to boost its oil production and meet the OPEC’s quota over the past months subsisted.
