Naira gains N75 against dollar in single day

The naira has appreciated by N75.4 against the US dollar in a single day to bounce back in the foreign exchange market.

FMDQ data showed that the naira appreciated to N1,072.74 per dollar on Wednesday, compared to N1,148.14 recorded on Tuesday.

This represents a 6.56 per cent appreciation on a day-to-day basis.

Similarly, the parallel market appreciated to N1,040 per dollar in the parallel market on Wednesday from N1,100 per dollar on Tuesday.

The naira recorded an N60 gain against the dollar on the black market.

The development comes barely 24 hours after the naira recorded its first depreciation since March 2024.