The nation's official foreign exchange (FX) trading platform is the NAFEM window.
Data from the platform that regulates foreign exchange trading in Nigeria, FMDQ Securities Exchange, indicated that the value of the naira increased to N786.02 per US dollar.
The local currency appreciated by 3.59 percent, as indicated by the FX rate, from N815.32/$ on the previous trading day (Tuesday).
On Wednesday, the official window saw an intraday low of N700 and a high of N1,101 to the dollar.
On Wednesday, the daily market turnover increased to $105.98 million from $74.7 million the day before, a 41.82 percent increase.
On Tuesday, the naira saw a minor increase at the parallel market, where it was trading at N1,185 to the US
Before the end of 2023, the US multinational financial services company JP Morgan predicted that the value of the Nigerian Naira would be approximately N850 to the US dollar.
JP Morgan states that in order to achieve the N850/$ FX rate, more favorable rates, more regulations, and FX levels that deter further dollarization while still drawing in some foreign investment are all necessary.
The minister of finance and coordinating minister for the economy, Wale Edun, stated on October 23 that Nigeria anticipated receiving $10 billion in foreign exchange inflows to help the foreign exchange market's liquidity.
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