Naira appreciates further on increased dollar supply

Naira on Wednesday strengthened further at the Investors’ and Exporters’ (I&E) forex window, Nigeria’s official foreign exchange (FX) market, following increased dollar supply.

After trading on Wednesday, the dollar was quoted at the rate of N740.08, which was stronger than N791.42 quoted on Tuesday, according to the data obtained from the FMDQ.

The dollar supply came from the willing buyers and willing sellers, which include exporters, banks and the Central Bank of Nigeria (CBN).