Again, naira appreciates, exchanges N740.08 to dollar
On Wednesday, the Nigerian naira continued its recent positive trend by appreciating against the US dollar at the Investors and Exporters window. The exchange rate was reported at N740.08 to the dollar, showing a significant gain of 6.49% compared to the rate of N791.42 on Tuesday.
The open indicative rate, which is the reference rate published by the Central Bank of Nigeria, closed at N782.42 to the dollar on Wednesday. Additionally, during the day’s trading, the naira reached a low of N730 against the dollar.
In terms of trading volume, a total of 153.28 million dollars was traded at the investors and exporters window on Wednesday. This indicates a significant level of activity in the foreign exchange market.
It’s worth noting that exchange rates can fluctuate regularly due to various economic factors and market dynamics. The appreciation of the naira against the dollar at the Investors and Exporters window may be influenced by several factors, such as changes in oil prices (as Nigeria is a major oil exporter), foreign investor sentiment, and actions taken by the Central Bank of Nigeria to stabilize the currency.
