The naira appreciated against the US dollar on Wednesday. This appreciation is driven by an increase in dollar liquidity on the official foreign exchange (FX) market

The Nigerian naira appreciated against the US dollar on Wednesday, gaining N116.84 to end the day on a positive note. It appreciated by 7.59% on the Nigerian Autonomous Foreign Exchange Market (NAFEM). According to data from FMDQ Securities Exchange Limited, the dollar was traded at 1,539.65 naira on Wednesday, up from 1,656.49 naira the day before. The rise in the value of the naira was supported by a notable increase in the supply of dollars

In addition, the appreciation of the naira has several consequences on the Nigerian economy. Thus, a stronger naira generally reduces the cost of importing goods, which can lower the prices of imported goods and bring some relief to consumers and businesses that rely on foreign goods. However, this appreciation could have negative consequences for Nigerian exporters, who could see their competitiveness decrease in international markets as their products become more expensive for foreign buyers