Naira strengthens further against dollar for second consecutive day

The naira further firmed up against the dollar at the foreign exchange market on Wednesday, marking the second consecutive day of appreciation.

FMDQ data showed that the naira appreciated to N1,510.72 against the dollar on Wednesday, up from N1,522.28 on Tuesday gaining N11.58.

Similarly, on the black market, the naira fell to N1,623 against the dollar on Wednesday, down from N1,625 traded on Tuesday.

The recent appreciation of the naira follows the Central Bank of Nigeria’s announcement on Tuesday of a new FX Code aimed at ensuring transparency in transactions within the country’s foreign exchange market.

It is worth noting that the naira also appreciated against the dollar on Tuesday.