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| Naira Continues to Gain Against Dollar in Forex Market |
In the parallel market, the Naira maintained its N1450 per Dollar exchange rate.
The Naira has achieved its fourth consecutive gain against the Dollar in the foreign exchange market.
According to FMDQ data, the Naira strengthened to N1462.59 per Dollar on Wednesday, up from N1465.68 on Tuesday.
This indicates a 3.09 gain from the N1465.68 per Dollar rate it posted on Tuesday.
As a result, Nigeria’s currency has seen an appreciation four times in a row since the previous Friday.
In the parallel market, the Naira maintained its N1450 per Dollar exchange rate.
At the 295th Monetary Policy Committee Meeting, CBN Governor Olayemi Cardoso attributed the Naira’s fluctuations in the forex market to a seasonal increase in demand.
"The recent volatility in the foreign exchange market is due to seasonal demand, demonstrating the dynamics of demand and supply in a functioning market system," Cardoso explained.
Furthermore, on Wednesday, the apex bank released new guidelines, instructing Bureau De Change operators to submit applications for new licenses.
