The Naira on Tuesday gained about 6.58 percent to close at N742.93/$ at the investors and exporters (I&E) window.
This represents the biggest daily gain since Nigeria began the unification of the exchange rate windows in the country on July 14, 2023 as much as it is also the highest daily gain since 2019.
The upswing fortune of the naira comes two sessions after it plummeted to an all-time low of N803.9/$ last Friday.
Data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, showed that the local currency hit an intra-day trading high of N831 and a low of N707.99 before it settled at N742.93.
FMDQ quoted an opening rate of N788.17 to the dollar on Tuesday.
FX turnover within the day’s market session increased significantly by 352.36 percent to $156.29 million from $34.55 million published in the previous market session on Monday.