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.
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.
