Naira recovers to 1,459.02/$ after one week of depreciation

The naira on Wednesday recovered to 1,4590.02 per dollar after depreciating for one week at the official and unofficial foreign exchange (FX) markets.

After trading on Wednesday, the naira appreciated by 4.21 percent as the dollar was quoted at N1,459.02, stronger than N1,520.40 quoted on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ Securities Exchange Limited, indicated.

The naira appreciation was helped by increased dollar supply by willing buyers and willing sellers, which rose significantly by 124.56 percent to $289.14 million on Wednesday from $128.86 million recorded on Tuesday.

According to the FX market summary released on Wednesday by the FMDQ, the intraday high closed at N1,593 per dollar on Wednesday, weaker than N1,563 closed on Tuesday. The intraday low also depreciated to N1,401 on Wednesday as against N1,350 per dollar on Tuesday.

In the realm of street trading, the Naira showcased a mixed performance, with instances of appreciation and weakening. On Tuesday, the local currency concluded at N1,530 per dollar. However, it displayed strength by exchanging at N1,520/$1 in certain trading areas, while in others, it dipped to N1,550.