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Data from FMDQ Securities Exchange, a platform that oversees FX trading in Nigeria, showed that the naira strengthened to N786.02 per dollar.
The official window recorded an intra-day low of N700 and a high of N1,101 to the dollar on Wednesday. The daily market turnover rose by 41.82 percent to $105.98 million on Wednesday — from $74.7 million recorded the previous day.According to JP Morgan, achieving the N850/$ FX rate would require a combination of tighter policy, more attractive rates, and FX levels that discourage additional dollarisation while also attracting some foreign capital.
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