The naira strengthened against the US dollar by closing at N793.70/$ on the Investor & Exporter FX window on Wednesday.
Reports revealed that the local currency had previously traded at N825 a week earlier, a downward slide that has been experienced over the past few weeks.
The Punch reported that as of the close of trading on Wednesday, the market had a turnover of $87.19m.
According to data collected from the FMDQ, trade on Wednesday started at 778.07/$ and ended at 793.70/$ after reaching a high of 853/$.
In recent weeks, the Central Bank of Nigeria ordered deposit money banks to eliminate the naira rate ceiling at the I&E window to allow for a free float of the national currency against the dollar and other global currencies.
It claimed that by combining all FX market segments into one window, the I&E window became the only window through which qualifying FX transactions could be made because all other windows were eliminated.
According to the CBN, “the I&E market operates on a willing buyer, willing seller framework, where an entity with a demand for foreign exchange seeks out another entity with foreign exchange to sell at an agreed-upon price through an approved dealer.
