After Falling to Record Low, Naira Bounces Back, Appreciates by 2.6% against Dollar [Video]

• The value of the naira has appreciated against the US dollar in the official foreign exchange markets
• The appreciation of the naira follows the improvement of foreign exchange supply in the official window
• BMI, a US-based research firm, has predicted that Nigeria’s naira will fall to N1,993 per US dollar by 2028

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

After three consecutive days of losses, the value of the naira has appreciated against the United States dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM).

According to data from FMDQ Securities, the naira closed at N1,645.40 against the dollar on Wednesday, November 13, 2024.

Wednesday’s exchange rate represents N44.48 or 2.63% gain compared to Tuesday’s previous trading date when it exchanged at N1,689.88 to a dollar.

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