For the second time this week, the Naira appreciated significantly against the US Dollar on Wednesday at the foreign exchange market.
Data from FMDQ showed that the Naira appreciated N1542.58 per US dollar on Wednesday from 1,551.24 on Tuesday.
This represents an N8.63 or 0.6 per cent gain compared to the N1,551.24 recorded at the close of trading on Tuesday.
Accordingly, the Naira has gained N36.66 since Monday, when it traded for N1,574.62 per US dollar at the official forex market.
This is as the US dollar supply surged on Tuesday by 76.62 per cent, according to FMDQ data.
Meanwhile, at the parallel market, the Naira dropped to N1,860 per US dollar on Wednesday from N1,740.00 on Tuesday.
The implication is that the margin between the official and parallel forex markets’ exchange rates has widened.
The development comes barely 24 hours after a clampdown on illegal Bureau De Change operators by officers of the Economic and Financial Crime Commission, EFCC, in Wuse Zone 4.
DAILY POST recalls that in the past weeks, the Central Bank of Nigeria has introduced several policies to checkmate the continued fluctuations of the Naira in the FX market.
The latest policies by CBN were the new guidelines issued to stop the payout of Personal Travel Allowance, PTA, and Business Travel Allowance, BTA, in cash.
Naira appreciates significantly against US dollar for two consecutive days at forex market
