The Naira, on Tuesday, appreciated by 1.79 per cent against the United States dollar on the Investor & Exporter forex window, closing at N756.61/$.
On Monday, local currency had slumped to 770.38/$ at the close of trading on the I&E window, from 686.96/$ at the close of trading on Friday.
According to figures obtained from the FMDQ, the trading, which commenced at 701.75/$ on Tuesday reached a high of 781/$ before closing at 756.61/$.
The trading also recorded improved turnover of $134.47m on Tuesday from $78.03m at the close of trading on Monday.
At the parallel market, the naira was bought and sold at 750/$ and 760/$, according to some Bureau de Change Operators.
A BDC operator in Lagos, Mr. Abdul, said: “The rate has been quite unstable recently. Today, the dollar was bought and sold at N750/$1 and N760/$1. Euro was bought and sold at N810/ €1 and N820/ €1. Pound Sterling was bought and sold at N945/ £1 and 957/ £1.”
The Central Bank of Nigeria, last week directed Deposit Money Banks to remove the rate cap on the naira at the I&E window to allow for a free float of the national currency against the dollar and other global currencies.
Prior to the announcement, the Naira had closed at the I&E window at 471.67/$, while the parallel market recorded 740/$.