The naira rebounded on Wednesday, ending a three-day streak of losses in the official foreign exchange (FX) market, as trading turnover surged significantly.
Data from FMDQ Securities Exchange Limited showed that the naira appreciated by 2.7 percent, or N44.48, with the dollar quoted at N1,645.40 compared to N1,689.88 on Tuesday in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The day’s FX market turnover also spiked, increasing by 122.5 percent, or $130.40 million, reaching $236.84 million on Wednesday from $106.44 million recorded on Tuesday.
According to FMDQ’s forex market summary, the intraday closing rate was N1,698.50, slightly lower than Tuesday’s close of N1,695. The intraday low reached N1,609 per dollar, marking an increase from the N1,631 recorded on Tuesday.
The naira also gained ground in the parallel market, appreciating by an average of N11.6 as the dollar sold between N1,700 and N1,745, compared to the N1,740 rate seen over the past three days.
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