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.

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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.

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.