The Nigerian naira on Wednesday suddenly woke up from slumber by showing signs of quick recovery.
There are strong indications in the foreign exchange market with reports hinting a rally in the black market reaching N1450/$1.
Additionally, the official market is gaining momentum, reflecting positive currency value movements, Nairametrics reports.
Contrary to recent volatility, the exchange rate at the black market has seen improvement, reaching the rate of N1450/$1, according to sources.
This positive development comes after a period of uncertainty and fluctuation in the forex market.
Data from FMDQ on Wednesday showed that the Naira marginally appreciated N1,455.59 per US dollar from N1,482.57 on Tuesday.
On a day-to-day level, the Naira appreciated by N26.98 gain or a 1.85 per cent increase, to close at N1,455.59 from N1,482.57 per Dollar on Tuesday.
Simultaneously, the official market has shown resilience and upward momentum, indicating a gradual recovery.
While challenges persist, the recent positive movements suggest a potential easing of pressures on the naira.
Experts say the Central Bank of Nigeria’s (CBN) recent measures and interventions may be contributing to the positive trend, as the regulatory body seeks to address issues such as excessive foreign currency speculation and hoarding by implementing prudential requirements.
