Naira appreciates against dollar as FX supply rises

The naira appreciated significantly against the dollar at the foreign exchange market as FX supply rose on Thursday.

FMDQ data showed that the Naira strengthened to N1644.86 on Thursday from N1660.83 traded on Wednesday.

This represents a N15.97 appreciation against the dollar compared to the N1660.83 exchange rate on Wednesday.

Meanwhile, at the black market, the naira remained flat at N1750 per dollar on Thursday, at the same rate on Wednesday.

This comes as FX transaction turnover increased to $560.34 million on Thursday from $337.03 million recorded the previous day.

Recall that the Central Bank of Nigeria announced the latest FX interventions, which pegged the minimum trade at $100,000 in its new Electronic Foreign Exchange Matching System (EFEMS).

In the past months, the Naira fluctuations against the dollar have persisted despite CBN’s intervention.

Naira appreciates against dollar as FX supply rises