Witnessing an impressive surge, the naira has seen a significant rise of N75.4 against the US dollar within a single day, marking a strong comeback in the foreign exchange market.
Data from FMDQ indicated that the naira’s value strengthened to N1,072.74 per dollar on Wednesday, compared to the previous day’s figure of N1,148.14.
This translates to a remarkable 6.56% increase within just one day.
Similarly, the parallel market also experienced a positive shift, with the exchange rate reaching N1,040 per dollar on Wednesday, up from N1,100 per dollar on Tuesday.
In the black market, the naira reported an increase of N60 against the dollar.
This encouraging development follows closely on the heels of the naira’s first depreciation experienced since March 2024.