Business
Naira Appreciates Massively Against Dollar
The Naira appreciated massively against the dollar at the foreign exchange market on Wednesday, 24 hours after depreciation.
FMDQ data showed that the Naira strengthened significantly to N1539.65 per dollar on Wednesday from N1656.56 exchanged on Tuesday.
This represents an N116.91 gain against the dollar compared to the N1656.56 exchange rate the previous day.
Comparatively, the gain the Naira achieved against the dollar on Wednesday surpassed the loss recorded on Tuesday.
Meanwhile, at the parallel market, the Naira remained flat at N1,660 per dollar rate on Wednesday, the same exchange rate recorded the previous day.
The development showed the level of fluctuations the Naira continued to experience against other currencies in the foreign exchange market in the last months.
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