The Naira appreciated significantly against the United States dollar at the official market on Wednesday after the local unit recorded a slight depreciation on Tuesday.
This represents N75.4 or 6.6 per cent appreciation from N1,148.14, the domestic currency closed on Tuesday. On Wednesday, the Naira experienced an intraday high of N981.04 and stooped to a low of N1,220.00 to a dollar before closing at N1,072.74/$1. Addressing the concerns raised about the value of the local currency and Nigeria's foreign reserves on Wednesday, the CBN governor, Olayemi Cardoso, who spoke at the spring meetings of theand World Bank in Washington, explained that the movement of the reserves does not correlate with the recent gains recorded by the Nigerian unit in the forex market.
On Wednesday, Bureau De Change operators at the Abuja zone 4 exchanged the dollar at N1,020 and above, the same range it traded in the previous market segment.