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The value of the naira appreciated against the US dollar in both the official and parallel foreign exchange marketsThe Nigerian currency also strengthened against the British pound and the euro as investor inflows lifted market turnover by almost 30%Increased foreign portfolio investment, exporter inflows and non-bank corporate participation supported the naira’s recovery

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian currency, the naira, rebounded against the United States dollar and other major foreign currencies on Wednesday, July 22, following stronger foreign exchange liquidity in the official market.

Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira appreciated by N5.68, or 0.41%, to close at N1,369.63/$1, compared with N1,375.31/$1 recorded in the previous trading session.

Naira posts fresh gains as external reserves support market confidence Photo: Bloomberg
Source: Getty Images

The local currency also gained against other