Naira records fourth consecutive appreciation against Dollar at forex market

The Naira has recorded its fourth consecutive appreciation against the Dollar in the foreign exchange market.

FMDQ data showed that the Naira appreciated N1462.59 per Dollar on Wednesday from N1465.68 on Tuesday.

This represents a 3.09 gain compared to N1465.68 per Dollar it traded on Tuesday.

Accordingly, Nigeria’s currency has appreciated for four consecutive times since last Friday.

Meanwhile, Naira retained its N1450 per Dollar trading rate in the parallel market.

Speaking at the 295th Monetary Policy Committee Meeting, CBN governor Olayemi Cardoso had the Naira’s fluctuation at the forex market on seasonal demand hike.

“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand. This reflects the interplay between demand and supply, a freely functioning market system,” Cardoso said.

On Wednesday, the apex issued a fresh guideline requesting Bureau De Change operators to re-apply for licenses.