The uptrend was driven by cautious trading following the outcome of the 300th meeting of the Monetary Policy Committee (MPC) on Monday and Tuesday.
The MPC also voted to retain the cash reserve ratio (CRR) at 50 per cent for deposit money banks and 16 per cent for merchant banks.
The Monetary Policy Committee however retained the liquidity ratio at 30 per cent.
The CBN governor said the decision was in response to the continued inflationary pressures.
Peoples Gazette checks on Aboki Forex indicated that the naira exchanged in April for N1,000 was selling for N1,500 Wednesday afternoon.
This is the third consecutive tightening of the lending rate, known as the Monetary Policy Rate (MPR), by the MPC under Mr Cardoso.
“Aggressive tightening is the most appropriate response to the size of the challenge that we face right now,” he said.
Mr Gwadabe suggested collaboration among export-related agencies.
People Gazette also noticed that the Nigerian currency was unavailable on Binance on Wednesday.
CBN governor Yemi Cardoso, who chairs the MPC, announced the committee’s decisions on Tuesday after the meeting.
