The Nigerian naira continued its upward trend against the US dollar on Wednesday, appreciating in value on both the official and black markets for foreign exchange.
The Nigerian Autonomous Foreign Exchange Market saw a N16, or 1.26 percent, strengthening of the naira on Wednesday, with the dollar quoted at N1,262.85/$, surpassing the previous rate of N1,278.58/$ recorded on Tuesday, according to statistics from the FMDQ Securities Exchange.
This suggests that there is still room for additional appreciation of the local currency relative to the dollar, and it has maintained its bullish momentum.
The Central Bank of Nigeria’s implementation of several foreign exchange policies, which increased the supply of dollars and enhanced market transparency, was credited with the naira’s increase in value.
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