The naira experienced an increase in value in both the parallel and official markets, on the back of the recent hike in the MPR rate, crackdown on currency speculators, foreign exchange (FX) allocation to BDCs, as well as crackdown on crypto firms.
The naira, on the parallel market, appreciated to N1, 500 from N1, 620 it exchanged on Tuesday, representing N120 gain.
The official Nigerian Autonomous Foreign Exchange Market (NAFEM) appreciated on Wednesday, closing at N1, 609.51, signifying a N6.43 gain compared with N1, 615.94 it closed on Tuesday.
The daily turnover recorded on Wednesday was $119.14 million, indicating a 22.7 percent decline from $154.16 million, quoted on Tuesday. The highest spot rate on Wednesday was pegged at N1, 660, while the lowest recorded was N1, 401.
James Emejo and Nume Ekeghe
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