The Nigerian naira has rebounded as commercial banks respond to the Central Bank of Nigeria’s (CBN) 24-hour directive by offloading dollars into the official market.
Gatekeepers News reports that the foreign exchange (FX) market is experiencing a relief in pressure, evident in the increased volume of dollar transactions.
The daily turnover in the FX market surged by an impressive 85.36%, reaching $134.07 million on Wednesday compared to $72.33 million recorded the previous day.
This positive trend is attributed to the collaboration of willing buyers, sellers, banks, exporters, and investors, contributing to the enhanced liquidity in the FX market. This move has resulted in a notable recovery for the national currency.
