On the Investor & Exporter forex window, the naira strengthened by 0.68 percent against the US dollar.
On Tuesday, the local currency reached its closing rate of N763/$, down from N768.17/$ on Monday.
Due to the Sallah celebration’s two-day public holiday, there was no trading on Wednesday.
The trading, which started at N760.5/$ on Tuesday, reached a high of N841/$ and a low of N467/$ before closing at N763/$, according to data obtained from the FMDQ.
The trade’s turnover increased to $245.65 million on Tuesday from $198.13 million at the end of trading on Monday.
In order to allow for a free float of the local currency against the dollar and other major world currencies, the Central Bank of Nigeria had earlier instructed Deposit Money Banks to remove the rate cap on the naira at the I&E window.
The naira had closed at 471.67/$ at the I&E window prior to the announcement, while the parallel market recorded 740/$.
Former President of the Chartered Institute of Bankers of Nigeria and Babcock University professor of economics Prof. Segun Ajibola previously referred to the previous multiple exchange rate system as a chessboard of corruption.
In addition to maximising the benefits of the OPEC export quota, he stated that sources of foreign exchange like non-oil exports, remittances, and foreign direct investments needed to be expanded.
He claimed that as the supply of foreign exchange increased, the pressure on the official and unofficial markets could ease.
According to him, the two rates will largely collide and a new market-based equilibrium exchange rate will be reached. The desired unified exchange rate, that is.
The CBN and the Nigeria Customs Service have extended the ongoing foreign exchange reforms to the maritime industry with a 40% increase in the exchange rate used to determine import duty, according to a recent report in The PUNCH.
The NCS increased the exchange rate from N422.30 to N589 per dollar to be used in calculating import duties.
