The foreign exchange (FX) market closed on Wednesday, with naira gaining 3.67 percent at the official market but weakening on the parallel market.
After trading on Wednesday, the dollar was quoted at N818.99, stronger than N850.22 quoted on Tuesday at the Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ indicated.
On Tuesday, the naira depreciated by 6.89 percent per dollar, which was quoted at N850.22 from N795.41 on Monday.
Read also Naira fails to gain despite 46.69% rise in dollar supply
The willing buyers and willing sellers quoted the dollar at a higher spot rate of N1,099 and a lower rate of N701/$1.
At the parallel market, the black market, the naira depreciated against the dollar, losing 0.44 percent of its value.
The local currency exchanged with the dollar at N1,135 at the close of trading on Wednesday compared to N1,130 on Tuesday.
On Tuesday, the naira steadied at N1,130 per dollar after losing 1.8 percent from N1,110$1 on Friday.
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Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
