The exchange rate between the naira and dollar snapped 7 consecutive days of losses to record its first gain on Wednesday, May 15 2024.
Data from the FMDQ indicates the exchange rate closed at N1459.02 to gain 4.21% the first gain after back to back losses that saw the official exchange rate fall below the N1,500/$1 mark.
The Naira appreciated contrast with the N1520.4/$1 recorded the previous day.
This represents a significant recovery after a 2.78% depreciation on May 14, 2024. The appreciation comes after a decline over the last week, with the Naira losing approximately 11% of its value in the official market.
The increase in forex turnover to $289.14 million, a 124.56% rise from $128.76 million the previous day, likely contributed to this appreciation.