The Naira appreciated against the dollar by 5.97 per cent at the official market by the close of Wednesday’s trading session, according to data from the FMDQ trading platform.
It appreciated by N82.52 to reach N1,300 per dollar, compared to N1,383 recorded on Tuesday.
Total turnover also rose to $416.10 million from $245.58 million the previous day.
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In the Investor’s and Exporters’ (I&E) window, the Naira fluctuated between N1,460 and N1,200 against the dollar.
This comes after the Central Bank of Nigeria (CBN) announced a 200 basis points increase in the Monetary Policy Rate (MPR) during its 294th Monetary Policy Committee (MPC) meeting on Tuesday, raising it from 22.75 percent to 24.75 percent.
The CBN Governor, Mr Yemi Cardoso, cited the move as a measure to address the country’s escalating inflation.
Within the business period, the official market segment recorded a foreign exchange turnover of $416.10 million, as against $245.58 million posted on Tuesday.
Similarly, the appreciation streak of the Naira continues at the parallel market on Wednesday.
Meanwhile, Vice President Kashim Shettima, on Tuesday, sought to allay economic concerns, declaring that “the worst is over” for Nigeria’s currency crisis.
Speaking at the launch of the National Design and Innovation Competition in Abuja, Shettima, in a statement by his spokesman, Stanley Nkwocha, expressed confidence that the Naira would continue to stabilise in the coming weeks and months.
Addressing economic concerns, the Vice President declared that, “the worst is over”, noting that the Naira would continue to stabilise in the coming weeks and months, as the President Bola Tinubu administration tackles issues like food security, nutrition and insecurity.
“President Bola Ahmed Tinubu is making robust plans to see that all issues of insecurity are addressed,” Shettima said.
