• Sunday, April 21, 2024
businessday logo

BusinessDay

Naira gains 5.72% on increased dollar supply

Naira snaps one-month rally, weakens to N1,230/$ in street trading

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.