Naira continues to gain against Dollar, hits 1,262/$

On Wednesday, the Nigerian naira sustained its upward trend against the United States dollar, gaining value at both the official foreign exchange market and the parallel markets.

According to data from the FMDQ Securities Exchange, the naira strengthened by N16 or 1.26 percent at the Nigerian Autonomous Foreign Exchange Market, with the dollar quoted at N1,262.85/$ on Wednesday, surpassing the previous rate of N1,278.58/$ recorded on Tuesday.

This indicates that the local currency has maintained its positive momentum against the dollar, with expectations of further appreciation.

The rise in the value of the naira was credited to various foreign exchange policies implemented by the Central Bank of Nigeria aimed at increasing dollar supply and improving transparency in the FX market.