The foreign exchange (FX) witnessed an improved dollar supply, which resulted in naira gaining 5.72 percent of value in the official market.
After trading on Wednesday one dollar was quoted at N831.47, which was stronger than N881.88 quoted on Tuesday at the Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ indicated.
Willing buyers and willing sellers supplied dollars on the spot segment of the market, at a bid rate of N1,159, higher rate and N700 lower bid rate.
Read also: Naira exchanges with dollar at N1,164
Consequently, the daily FX market turnover increased by 18.06 percent to $140.35 million on Wednesday from $118.88 million recorded on Tuesday.
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.
